PDC Energy Pulling Out of the Utica – Selling Acreage & Wells

PDC Energy, a driller in the Wattenberg Field in Colorado and the Utica in Ohio, paused their Utica drilling program in 2015 (see PDC Energy Pushes Pause Button on OH Utica Drilling for 2015). In December 2015, the company announced they would restart Utica drilling in 2016 with plans to drill five wells (see PDC Energy to Restart OH Drilling in 2016, Drilling 5 Utica Wells). Indeed they did reactivate their program, in a much-scaled-back fashion, last year. However, another shale play has turned the head of PDC–the Permian Basin in Texas, an oil play. When PDC released their plans for 2017 in December, they said they would drill two more Utica wells in the second half of 2017 and spend just $18 million to do it, spending the bulk of their money in the Permian and Wattenberg (see PDC Releases 2017 Plans – Drilling Just 2 Utica Wells in 2H17). Then in March, the plan to drill those two Utica wells this year got mothballed (see PDC Changes Course, Delays More Utica Drilling in 2017). Now we know why. Buried in their first quarter 2017 update (released last Friday), PDC has announced they are putting their Utica assets up for sale, so they can concentrate on the Wattenburg and Delaware Basin (i.e. Permian)…

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