EQT Shutters OH Utica Drilling, Still Likes PA/WV Utica Drilling

On an earnings call with analysts last Thursday, EQT's top management said that they are "writing off" their Ohio Utica Shale acreage, taking a $162 million hit. The acreage performed "significantly below expectations." However, that doesn't mean EQT is giving up on the Utica--just their Utica acreage in Ohio. EQT owns a LOT of acreage in southwest Pennsylvania and West Virginia (over 400,000 acres) with dry gas Utica under much of it--and they're eyeing the Utica in those locations very closely. EQT is in the midst of drilling two dry gas Utica test wells--one in Greene County, PA, the other in Wetzel County, WV...

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