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Chesapeake Says 3 OH Counties are “Core of the Core” in Utica
On the third quarter earnings call with analysts earlier this month, Chesapeake Energy officials were asked about the Utica Shale and their thoughts, now more than a year in, of how the Utica stacks up against the Eagle Ford, and how Chesapeake’s “core of the core” strategy is working in the Utica. Chesapeake CEO Aubrey McClendon answered the question this way, identifying the three counties in Ohio that are “the core of the core” for the company:
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Here’s a contrary view if ever we’ve seen one: Bill Powers, editor and writer of the Powers Energy Investor newsletter and someone who has sat on the board of three oil and gas companies and has been an active investor for 25 years, says shale gas supplies in the U.S. have been vastly overhyped. Over the past three years Powers researched and next spring will publish a new book called: Cold, Hungry and in the Dark: Exploding the Natural Gas Supply Myth. In the book he argues that contrary to the popular belief that the U.S. has a 100-year supply of natural gas due to shale gas fracking, he believes it’s more on the order of 5-7 years. Say what??