Drilling Down
Consol Plans to Invest $122M to Explore Utica Play
Monday, January 14, 2013PITTSBURGH -- Consol Energy expects to invest $122 million in its Utica shale joint venture with Hess Corp. in 2013, the company reported this morning.
Of that amount, $90 million will be allocated toward drilling capital on Consol's share of 27 wells in the Utica shale. Hess Corp. pays 75% of the Utica well costs because of a $100 million drilling carry, while production is split 50/50.
Consol has finished drilling a well in Ellsworth Township and is drilling a well in Jackson Township, both in Mahoning County.
Dearing Compressor Plans Another Plant Expansion
Monday, January 14, 2013BOARDMAN, Ohio – Oil and gas exploration in the Marcellus and Utica shale is having such a profound effect on Dearing Compressor & Pump Inc. that the company is already feeling the need for more space just two years after a major expansion was completed.
“There's definitely no sign of it slowing down,” reports company President Rick Dearing. “We outgrew this building before we moved into it.”
200th Horizontal Well Drilled in Ohio’s Utica Shale Play
Friday, January 11, 2013YOUNGSTOWN, Ohio – The number of horizontal wells drilled in the Utica shale topped 200 last week, according to data released by the Ohio Department of Natural Resources.
ODNR reports that 205 horizontal wells have been drilled in eastern Ohio since late 2010, when large energy interests started to step up oil and gas exploration in the Utica shale.
Of those wells drilled, 47 are producing, ODNR records show.
No 2012 Bonus for Chesapeake's McClendon
Tuesday, January 08, 2013OKLAHOMA CITY – Chesapeake Energy Corp. says its chairman, Aubrey K. McClendon, will not receive a bonus as part of his annual incentive compensation for 2012, and other executive officers will see their bonuses “substantially” reduced.
The oil and gas company notified the U.S. Securities and Exchange Commission that its “comprehensive review of the company’s general corporate governance practices and executive compensation” would continue but in the meantime, “a number of meaningful enhancements” have been made.