EQT to pull back on drilling, spending in 2016
Saturday, December 12, 2015
According to Pittsburgh Tribune-Review, EQT Corp. is planning to drill fewer Marcellus wells in the coming year, and also will cut capital spending because of the expected continuation of low commodity prices.
The company’s capital budget announced earlier this week is set at $1 billion for next year, nearly a third of 2015’s budget.
The newspaper reports that in 2016, 72 Marcellus wells and as many as 10 Utica wells are expected to be drilled. The company intends to increase production next year by 18 percent.
Via: Pittsburgh Tribune-Review > EQT reduces Marcellus drilling plans for 2016/p>
More EQT news:
- EQT to suspend drilling operations in central Pennsylvania Oct. 25, 2015
- EQT posts net income loss for second quarter July 27, 2015
- EQT decreases capital spending due to service provider cuts April 26, 2015
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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.