PDC “Temporarily” Suspends All Marcellus Drilling Operations

Petroleum Development Corporation (PDC) announced yesterday that they are “temporarily” suspending drilling operations in the Marcellus Shale because of “depressed” natural gas prices. They will keep their planned 2012 capital budget the same, at $284 million, and reallocate the $12 million they would have used in the Marcellus operation to other liquids-rich operations. So far this year PDC has drilled three Marcellus wells and they will finish drilling a fourth well before suspending all Marcellus operations.

From the PDC press release:

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