Chesapeake cutting back Utica drilling in eastern Ohio
Monday, May 11, 2015
As long as Chesapeake Energy can keep two drilling rigs in eastern Ohio, it will be able to hold onto its acreage. Akron Beacon Journal reports that Chesapeake will operate with only two rigs before the end of the third quarter of 2015 and will also reduce the number of its fracking crews from four to 2.5.
Chesapeake is cutting its operations in Ohio after a stretch of low natural gas prices. At the same time, the company is extending its laterals to produce better results in Ohio.
Chesapeake is the number 1 player in the Utica Shale. The company is the number 2 natural gas producer in the United States. Compared to the first quarter of 2014, Chesapeake’s production for the first quarter of 2015 grew by 14 percent.
Via: Akron Beacon Journal > Chesapeake Energy to scale back Utica drilling in eastern Ohio
Other recent Chesapeake news:
- American Energy settles with Chesapeake April 15, 2015
- Chesapeake backs off, 2015 drilling numbers lowest since 2004 Feb. 26, 2015
- Chesapeake Energy to scale back drilling in Utica Shale Feb. 26, 2015
- Pennsylvania landowners sue Chesapeake and related companies Feb. 24, 2015
- Chesapeake Energy sues former CEO Feb. 19, 2015
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