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Antero Resources Rolls Dice on 1/2 Billion Dollar Marcellus Pipe
According to a story in The Wall Street Journal, Antero Resources will spend half a billion dollars to construct an 80-mile pipeline in the Marcellus/Utica Shale region. But this rather expensive pipeline will not carry natural gas, gas liquids or even oil. Instead, it’s a pipeline that will deliver water from the Ohio River to some of Antero’s most active drilling locations scattered in West Virginia and Ohio–to be used for fracking.
For Antero with some 100K acres of leased land in the Marcellus, committing to half a billion dollars (the company grossed $265 million last year) is a huge roll of the dice…
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Once upon a time here in the good old U.S. of A. we used to call large areas of stagnant, smelly, mosquito-infested pools of water what they are: swamps. Then came the so-called environmentalist movement that renamed the word “swamp” to the pristine-sounding word “wetland.” Gotta love a good euphemism. We used to drain swamps. Now we make people get permits to walk across them, for fear of killing a mosquito (no doubt carrying West Nile Virus). Such is the enlightened age in which we live.
Halcón Resources Corporation, increasingly an important driller in the Utica Shale, released their second quarter update yesterday. Halcón CEO Floyd Wilson also held a conference call for analysts. On that call, Wilson boasted about Halcón’s Utica Shale program–in particular the Kibler 1H well in Trumbull County which has been producing 2,233 barrels of oil equivalent per day–75% of it liquids. Halcón, which concentrates its drilling in “oily” plays like the Bakken and Utica, is currently operating 2 drilling rigs in Ohio/Pennsylvania. They’ve drilled nine Utica wells and are now evaluating the results. Halcón has 142,000 acres leased in the Utica Shale (primarily in Ohio).