PDC Energy Pushes Pause Button on OH Utica Drilling for 2015

pause buttonPDC Energy, with 67,000 acres of leases in Ohio’s Utica Shale, is not among the largest Utica drillers. But they’re by no means insignificant either. The company released their 2015 capital expenditure (capex) budget and production guidance yesterday. PDC says they will idle their single drilling rig in the Ohio Utica in 2015 and spend just $38 million in the Utica next year (compared to $190 million in 2014) to finish up several wells already begun. PDC says the price of natgas is just too darned low right now and that they will be back when the price goes up. (Our thought: PDC will have a long wait!) PDC is instead spending their money in the Niobrara Shale in Colorado–although the company plans to spend 14% less next year than they did this year…

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