Drilling plans changing for Ohio, West Virginia energy companies
Wednesday, January 28, 2015
The Intelligencer / Wheeling News Register reports that Antero Resources and Stone Energy are changing their 2015 drilling plans in the Marcellus and Utica Shales. On Jan. 21, the price of natural gas slipped to $3 per 1,000 cubic feet. The price of oil hovered at $47 a barrel, further prompting the companies to cut back on drilling.
Stone will only drill Marcellus wells until March 31 of this year. The company’s budget for 2015 is $450 million; last year’s budget was $895 million.
Antero no longer plans to frack 50 Marcellus Shale wells this year, but will still keep five rigs in Ohio and nine rigs in West Virginia in the works. The company plans to frack 80 Marcellus wells and 50 Utica wells. Antero anticipates its production to surpass last year’s by 40 percent. Without operational pipelines in the region, natural gas can’t get to as many markets.
Via: The Intelligencer / Wheeling News Register > West Virginia, Ohio Energy Firms Slashing Budgets
Leave a Comment
Marcellus & Utica Shale Well Map
Additional Shale Maps
Shale FAQ
How often do royalty payments come?
Depending on the company, royalty payments can arrive monthly or quarterly.
Are my royalty payments transferable?
Yes. If you plan on selling your property, notify the gas company that is leasing your land and your realtor. They will make arrangements to allow the royalty payments to transfer to a different land owner.
What are royalties?
Royalties are payments from the gas company to the landowner as part of a lease agreement. Royalties payments cannot begin until production begins. The payments are dependent upon the market price of the resource.