EQT’s Change of Heart: Drilling 72 Marcellus, 5 Utica Wells in 2016

On Monday EQT released a preliminary 2016 operational forecast. The company plans to spend $1 billion on drilling next year, which is half of what they spent this year. Although EQT’s top brass previously said they were dumping the Marcellus and concentrating on the Utica Shale instead (see EQT Dumps Marcellus Drilling, Concentrates on the Utica in 2016), it seems they’ve had a change of heart. Yesterday’s forecast says EQT will drill 72 Marcellus wells in 2016 and just 5 Utica wells. What happened? We don’t know–but we suspect EQT is finding it more of a challenge than they thought to get the price of a deep Utica well down to the $12.5 to $14 million range they predicted they could get it to. Here’s the details on what EQT plans to do in 2016…

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