Chesapeake Energy 3Q14: Utica Production Up 27%, Marcellus Up 1%
The mighty Chesapeake Energy, increasingly a shell of its former self, issued their third quarter 2014 update yesterday. In the update we find that production for Chesapeake in the Utica Shale shot up 27% over the previous year. However, Marcellus production was up just 1%. The cost to complete a well in both the Utica and Marcellus went down year over year. Very interesting (to us) is that although Utica wells are much deeper, they cost Chessy less to drill. They spend $6.5 million on average to drill and complete a Utica Shale well vs. $7 million for their average Marcellus Shale well…
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Yesterday’s election was, by all accounts, historic. It was a complete and utter repudiation of Barack H. Obama and his aggressive socialist policies–there’s no denying that. Republicans picked up governorships in most states where they ran. The one cloud was, unfortunately, Pennsylvania where California environmentalist wacko Tom Steyer’s $10 million+ purchased the governorship for the hapless Democrat Tom Wolf. One bright spot in PA (we challenge you to find this news in your local newspaper today) is that Republicans picked up MORE seats in both the PA House and Senate. Which means unless Republicans cave, there will be no severance tax to shut down Marcellus drilling in the Keystone State–at least for the next few years. Whew. In New York, Republicans (beyond all belief) held on and improved their majority in the Senate. The NY Senate is the only firewall against legislative action to permanently stop fracking in the Empire State. Whew. And what’s this, New England moves Republican???…