Gastar 1Q15: NE Production Up 5%, No New Marcellus Wells in 2015
Gastar Exploration has a small but meaningful drilling program in both the Marcellus and Utica Shale with close to 60,000 acres leased. As we reported in February, Gastar is scaling back operations in the northeast for the balance of 2015 (see Gastar Finishing 5 Wells, Then Idling Rigs in Marcellus/Utica). The company released their first quarter update yesterday and reports northeast production is up a hair, from 6,400 barrels of equivalent per day (Boe/d) in 1Q14 to 6,700 Boe/d in 1Q15–a 5% increase. Here’s the portion of yesterday’s update dealing with the Marcellus/Utica…
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Chesapeake Energy is the second largest natural gas producer in the United States and the largest producer in both the Marcellus and Utica Shale. Yesterday the company released their first quarter 2015 results and held an earnings call with analysts to discuss how things are going for the company. Depending on which media account you read today, you’ll find that Chesapeake is scaling back operations in the Utica Shale while at the same time looking to lease more land in the Utica; their rig count has been decimated and yet production rose 14% year over year; and one source says the company posted a big loss and is burning cash like crazy while another says it isn’t really losing money, costs are dropping and the outlook is improving. Yes, it runs the gamut. Apparently anyone can find about anything to love or hate about Chessy’s latest update. Kind of a like a rorschach test…