PDC Energy announced today they are nearly doubling their drilling investment in the Utica Shale—this year—from $53 million to $96 million. They plan to keep one drilling rig busy at all times in the Utica this year and drill a total of 11 Utica Shale wells. Their plans also include a deal with MarkWest Energy to provide midstream services for the wells they drill. PDC also plans to use a small amount—$9 million—for drilling in the Marcellus Shale.
PDC’s announcement today: