Marcellus E&Ps Brush Off Hedging Losses, Prepare Drilling Ramp-Up

摘要

Despite being saddled with stiff hedging losses in the second quarter, four of the largest Marcellus Shale producers are bullish on the rest of 2016 and plan to resume or ramp up drilling and completion activity to seize on a resurgent natural gas market. Consol Energy said last week it will return to the drill pad after a year-long break, citing rising commodity prices, an improving balance sheet and an 18% drop in operating costs from a year ago. The Pittsburgh-based gas producer said it will bring two rigs back online in August, with plans to drill eight wells in the Utica Shale in Ohio and two in the Marcellus Shale in Pennsylvania.