Chesapeake loses in second quarter, but keeps one Utica rig
Monday, August 8, 2016
Chesapeake Energy reported a $1.75 billion loss for the second quarter of 2016, Akron Beacon Journal reports. Last year, Chesapeake lost $4.2 billion during the same quarter in 2015.
The Oklahoma City-based company has more than 600 Utica shale wells in Ohio, and intends to operate one drilling rig in the state this year.
Across other U.S. shale plays, Chesapeake has nine additional drilling rigs. The company will drill 100 more wells in 2016 and will put 75 wells into production, according to the source.
Read more: Akron Beacon Journal > Chesapeake Energy loses more than $1.7 billion, will continue drilling in Utica Shale
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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.