Carrizo Cuts Budget 35%, No Drilling Planned in Utica/Marcellus in 2015

Carrizo Oil & Gas is the latest Marcellus/Utica driller to cut their 2015 capital expenditures (capex) budget–by 35% over 2014. According to the Carrizo announcement below, they plan to spend $450-$470 million on drilling, most of it in the Eagle Ford (Texas) where they’re running three drilling rigs. They will spend only has much as they have to on “lease maintenance” in the Utica Shale–which we take to mean they’ll only do what they must to show they still intend to drill on leases that may soon expire. In the update below we get some numbers for Carrizo’s second Utica Shale well, in Guernsey County, OH. The update also indicates Carrizo continues to throttle back production in the Marcellus. It says nothing about new drilling in the Marcellus, so we presume there isn’t any planned for 2015…

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