Chesapeake plans on cutting rig count
Thursday, August 10, 2017
Chesapeake Energy Corp. surpassed its quarterly profit estimates but still plans on cutting its rig count and bringing fewer wells into production this year, according to Reuters.
Operating in the Eagle Ford Shale in South Texas, the Utica Shale in Ohio and the Anadarko Basin in northwestern Oklahoma, the company said it would decrease its rig count from 18 rigs to 14 y the end of 2017.
The move is part of Chesapeake’s plan to deploy less capital to rigs next year, so it can spend more on other assets.
Learn more: Reuters > Chesapeake to cut rig count, bring fewer wells to production
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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.
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