Gastar 2015 Budget: Scaling Back Marcellus/Utica Drilling

A pair of announcements issued by Marcellus/Utica driller Gastar Exploration on Monday. One of the announcements is that the company is floating another 17 million shares of stock to help raise more operating capital. The second (we would argue related) announcement is a brief update on Gastar’s 2015 capital budget. The company will spend $257.3 million in 2015, comprised of $222.7 million for drilling, completion and infrastructure costs; $28 million for land and seismic expenditures; and “other” costs of $6.6 million. The interesting tidbit in Gastar’s 2015 budget announcement is how much they spend to drill a well in various plays, including the Marcellus and the Utica, and that in 2015 they won’t drill very much in the northeast…

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