Stone Energy Will Suspend Marcellus/Utica Drilling after 1Q15

Similar to the recent announcement by Antero Resources, Stone Energy has announced a big scale back in the Marcellus/Utica for 2015. However, whereas Antero is one of the biggest drillers in the northeast, Stone is one of the smallest drillers in the Marcellus/Utica. In 2014 Stone drilled 38 wells in the Marcellus, and a single Utica test well. The company plans to spend $450 million for drilling in 2015, down from $875 million spent in 2014–roughly half of what they spent last year. But the majority of that $450 million (75%) will go to drilling in the Gulf of Mexico and deep water. Only 8% of the budget, or $36 million, will go to the Marcellus/Utica region. Stone says after they complete a few wells in the first quarter of this year, they’re suspending all Marcellus drilling for the rest of this year–releasing the single rig that’s been operating in the Marcellus. Landowners signed with Stone–if Stone hasn’t already begun your well, you can forget about it for at least for the rest of this year…

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