Low NatGas Prices Behind Chevron Move to Slow Down Marcellus Work

摘要

Chevron said it will ramp down drilling in the prolific Marcellus Shale natural gas play in the US Northeast due to lower-than-expected domestic natural gas prices. The US major will now allocate less than 2% of its nearly $40 billion 2014 capital spending budget on its US dry gas assets, which include more than 700,000 acres in the Marcellus as well as much smaller positions in the Haynesville Shale in Louisiana/East Texas and the Piceance Basin tight gas play in Colorado.