Consol expecting big production boost from Ohio’s Utica

Consol Energy reported Tuesday its third-quarter Marcellus Shale production in the Appalachian Basin grew by 17% and its Utica Shale production dropped 11% from Q3 2016.

But those Utica production totals are trending upward in a big way, Kallanish Energy reports.

Its Marcellus production, including liquids, was 60.4 billion cubic feet-equivalent (Bcfe), up from the 51.4 Bcfe one year ago

Utica production was 20.1 Bcfe in Q3, down from 22.5 Bcfe a year ago which was due to natural production declines in the Utica’s wet shale areas in Ohio, the company said.

Consol noted Utica production was up 45% over the previous quarter. That was driven largely by natural gas production in Ohio’s Monroe County, which jumped 476%, from 1.7 Bcfe in Q2 2017, to 9.8 Bcfe in Q3.

The company is expecting fourth quarter production in the Utica to be 33.4 Bcfe, an increase of 66% over Q3. That will be driven by Monroe County which is expected to boost production by 125%, to 22.0 Bcfe in the fourth quarter, the company said.

The Cecil Township, Pa.-based company in the third quarter sold 101.0 Bcfe, an increase of 5% from the 96.4 Bcfe sold in the year-earlier quarter.

The company is projecting fourth quarter production to be a little more than 120 Bcfe, said president and CEO Nicholas DeIuliis, in a statement. In the third quarter, Consol had “strong operational execution,” he said.

The company’s drilling program was heavily weighted to the fourth quarter, with major well turn-ons in November, he said. That will also boost 2018 production, he said.

The company operated two rigs in Q3 and drilled six Marcellus wells in Greene County, Pa., and four Utica wells in Monroe County, Ohio.

It completed 21 wells in the quarter and began production at 29 wells in Pennsylvania, Ohio and West Virginia.

The company reported a net loss of $26 million, up from $25 million one year ago.

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