Antero Resources increases profits from last year during third quarter
Thursday, November 5, 2015
Akron Beacon Journal reports that Antero Resources reported a positive third quarter, with a net income of $534 million and total revenue at $1.4 billion.
The Colorado-based company is one of the main companies operating in Ohio’s Utica Shale. Antero’s natural gas production increased by 39 percent during the third quarter compared to numbers from the same time period last year.
According to the newspaper, the company has four rigs operating in Ohio. Antero plans to complete 12 more wells during the fourth quarter.
Via: Akron Beacon Journal > Antero Resources reports good financial, production results for third quarter
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Shale FAQ
What is fracking?
Fracking is a slang term for hydraulic fracturing. Fracturing is a process by which highly pressurized fluid is pumped thousands of feet into the ground to fracture rock formations. The goal is to release the natural gas that’s locked inside the rock.
Is it safe?
What most concerns people about fracturing is ground water contamination. The worry is that fractures underground, caused by the process, will extending upwards and into aquifers, releasing gas and chemicals into the ground water supply. There’s been no confirmed reports of such a thing happening. Though surface spills and drill site blowouts can lead to localized environmental concerns.
Will my water catch on fire?
Flammable water is caused by the release of methane gas into a drinking water supply. Methane gas occurs naturally and can be released by any kind of drilling, including water wells. In Pennsylvania officials fined Chesapeake Energy $1 million for contaminating ground water with methane. It was determined that the company had not properly cemented it’s boreholes and gas migrated up the well, between rock and into aquifers.