Dave Welch, Chairman, President and CEO of Stone Energy presented at the Barclays Capital CEO Energy-Power Conference yesterday. In his prepared remarks, Mr. Welch had a fair bit to say about Stone’s drilling activities and future plans for the Marcellus and Utica Shale (variously called Appalachia and the Devonian shale below).
Among his remarks: Stone has drilled 55 Marcellus Shale wells to date, 25 of which are currently online and producing about 56 million cubic feet of natural gas per day. They have another 200 drilling locations in Marcellus/Utica wet gas areas. For now, they’re going to stick with one drilling rig in the Marcellus region because it’s “gotten so efficient.”
Here’s a transcript (courtesy of Seeking Alpha) of Mr. Welch’s comments relevant to the Marcellus and Utica region: