Utica Shale production reaches record highs in 2018
Tuesday, March 19, 2019
Oil and gas production in Ohio’s Utica Shale continues to climb as its 2,141 producing wells outpace old records, according to fourth-quarter results released by the Ohio Department of Natural Resources.
Natural gas production increased 31.9 percent when compared with the same quarter in 2017 as drillers across the state yielded 663.5 billion cubic feet of natural gas. Simultaneously, oil production increased 38.5 percent during the fourth quarter as Utica producers cranked out 5.8 million barrels of oil.
Most of Ohio’s Utica production is centered in the southeastern tier of the oil and gas play, where geological pressure is strongest.
Learn more: The Youngstown Business Journal > Utica Shale Production Reaches Record in Q4
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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.