EQT suspends Utica drilling to focus on Marcellus shale
Wednesday, August 2, 2017
EQT suspended its drilling in the Utica Shale in Wetzel County, Pennsylvania, and turned from losing to reporting a profit in the second quarter, according to The State Journal.
Last week, EQT reported a second-quarter profit of $41.1 million, which is an increase from a year ago. In the second quarter of 2016, the company reported a net loss of $258.6 million. Additionally, production sales volume was seven percent higher, and the average realized price was 36 percent higher.
Over the same period of time, EQT drilled 66 wells in the second quarter, with 43 of those in the Marcellus Shale and 43 in the Upper Devonian Shale.
Learn more: The State Journal > EQT turns profit, suspends Utica drilling in Wetzel County
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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.