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EQT Plans 21 New Wells for Utica This Year
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PITTSBURGH -- EQT Corp. plans to drill 21 horizontal wells in the Utica shale this year to "crack the code" of the light condensate oil window of the play, the president and CEO of the company said Thursday.
"The first three wells we drilled were, frankly, mediocre," David L. Porges told investors during a conference call, referring to the initial wells the company drilled in Guernsey County, Ohio.
Last year, the company drilled seven Utica wells in total.
However, Porges said, the company was sufficiently encouraged to make some changes in drilling and completion designs, and by the end of the year assess whether additional drilling in the Utica is feasible.
"If we are successful, there is significant acreage nearby at relatively inexpensive prices, largely because of the skepticism about this part of the play," he said. "The intent is to see if we can crack the code in the condensate light-oil window."
Should the wells demonstrate "significant improvement," then EQT will consider adding more acreage to its position in the Utica, Porges said. If not, then the company may decide to discontinue its drilling program there.
The company also reported that overall volume in 2013 was 43% higher than 2012. Natural gas liquids volume was up 47% while midstream volume increased 39% in 2013 versus 2012.
EQT said it would continue to develop its holdings in the Marcellus shale positions in Pennsylvania and West Virginia. This year, the company intends to drill 30 wells in the Upper Devonian formation.
The company reported net income of $391 million, or $2.32 per share, in 2013, versus net income of $183 million, or $1.41 per share, in 2013.
EQT reported it drilled 146 wells in the Marcellus shale and 50 wells in the Huron formation in 2013.
Published by The Business Journal, Youngstown, Ohio.
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