Marcellus and Utica Shales in the US, 2019 – Gas Shales Market Analysis and Outlook to 2023

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Published: July 31, 2019 Report Code: GDGE0310MAR-ST

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The US Appalachian Basin located in Pennsylvania, Ohio, West Virginia and New York continues to be the driver in natural gas production within the United States. During May 2019, it produced around 31 billion cubic feet per day (Bcfd) and is forecast to reach a rate of approximately 35 Bcfd by the end of 2019. The basin comprises the two main formations – the Marcellus, and the Utica. The majority of the activity in the Marcellus continues to take place in north east and south west Pennsylvania while the hotspot for the Utica is in eastern Ohio. Fracking activity in the Marcellus and Utica formations is driven by the large demand for natural gas from the nearby populated areas and although natural gas prices have experienced some volatility during recent years, Appalachian producers are generally able to sell their natural gas at a premium in trading hubs located in the North East. The competitive landscape of the Marcellus play is largely dominated by EQT Corp., the largest natural gas producer in the US, whereas, Ascent Resources LLC and Gulfport Energy Corp. lead the natural gas production in the Utica play.

Scope

The report analyzes the natural gas appraisal and production activities in the Marcellus and Utica shale plays. The scope of the report includes:

– Comprehensive analysis of natural gas production across major counties in Pennsylvania, West Virginia, Ohio, and New York during 2013–2018, as well as production outlook from 2019 to 2023

– In-depth information of well permits issued in the Pennsylvania region of the Marcellus and Utica shale, by county and by company from January 2018 to March 2019

– Detailed understanding of IP rates and type well profiles in Marcellus and Utica formations

– Exhaustive analysis of competitive landscape in the Marcellus and Utica shale in terms of net acreage, gross production, cost trends and planned investments.

– Comparison of type well economic metrics of major players were also analyzed

– Up-to-date information on major mergers and acquisitions in the Marcellus and Utica shales between 2013 and 2019

– Overview of existing and upcoming pipelines and LNG terminals in the Marcellus and Utica

Reasons to Buy

Develop business strategies with the help of specific insights into the Marcellus and Utica shales

Plan your strategies based on expected developments of the Marcellus and Utica shales

Understand the competitive landscape of the companies in the Marcellus and Utica formations

Keep yourself informed of the latest developments and contracts in these gas-rich shale plays

Identify opportunities and challenges in the Marcellus and Utica shales in the US

Table of Contents

1. Table of Contents 1

1.1. List of Tables 4

1.2. List of Figures 6

2. Overview 7

2.1. Marcellus and Utica Shales, Recent Developments and Trends 7

3. Marcellus and Utica Shales, Introduction 10

3.1. Marcellus and Utica Shales, Overview 10

4. Marcellus and Utica Shales, Production and Activity Overview 11

4.1. Marcellus Shale, Production Analysis, 2013–2018 11

4.1.1. Marcellus Shale, Gross Natural Gas Production by County, Pennsylvania, 2013–2018 11

4.1.2. Marcellus Shale, Gross Natural Gas Production by County, West Virginia, 2013–2018 13

4.1.3. Marcellus Shale, Gross Natural Gas Production by County, Ohio, 2013–2018 15

4.1.4. Marcellus Shale, Gross Natural Gas Production by County, New York, 2013–2017 16

4.2. Utica Shale, Production Analysis, 2013–2018 17

4.2.1. Utica Shale, Gross Natural Gas Production by County, Pennsylvania, 2013–2018 18

4.2.2. Utica Shale, Gross Natural Gas Production by County, West Virginia, 2013–2018 20

4.3. Marcellus and Utica Shales, Production Outlook, 2019–2023 21

4.3.1. Marcellus and Utica Shales, Production Outlook, 2019–2023 21

4.4. Marcellus and Utica Shales, Drilling Activity, 2018 22

4.4.1. Marcellus and Utica Shales, Permits Issued and Completed 22

4.4.2. Marcellus and Utica Shales, Well Permits by County 24

4.4.3. Marcellus and Utica Shales, Well Permits by Company 25

5. Marcellus and Utica Shales, Competitive Landscape 28

5.1. Marcellus and Utica Shales, Major Companies by Acreage, 2019 28

5.2. Marcellus and Utica Shales, Major Companies by Net Production, 2018 30

5.2.1. Marcellus and Utica Shales, Initial Production Rates 32

5.2.2. Well Profile 33

5.3. Marcellus and Utica Shales, Future Plans by Major Companies 34

5.3.1. Marcellus and Utica Shales, Planned Investments, 2019 34

5.4. Marcellus and Utica Shales, Cost Trends, 2018 36

5.4.1. Marcellus and Utica Shales, Well Costs 36

6. Marcellus and Utica Shales, Analysis of Top Five Companies 37

6.1. Marcellus and Utica Shales, Economic Metrics of Major Players 37

6.2. EQT Corp. 38

6.2.1. Key Operational Parameters 38

6.3. Antero Resources Corp. 40

6.3.1. Key Operational Parameters 40

6.4. Cabot Oil & Gas Corp. 42

6.4.1. Key Operational Parameters 42

6.5. Southwestern Energy Co. 44

6.5.1. Key Operational Parameters 44

6.6. Range Resources Corp. 46

6.6.1. Key Operational Parameters 46

6.7. Ascent Resources LLC 48

6.7.1. Key Operational Parameters 48

6.8. CNX Resources Corp. 50

6.8.1. Key Operational Parameters 50

7. Marcellus and Utica Shales, Associated Infrastructure 52

7.1. Pipelines 52

7.2. LNG 54

8. Mergers and Acquisition Activity in the Marcellus and Utica Shales, 2013–2019 55

8.1. Overview of M&A Activity 55

8.2. Major Acquisitions 55

8.2.1. MPLX Completes Acquisition of MarkWest Energy for US$20 billion 55

8.2.2. EQT completes acquisition of Rice Energy for US$8.2 billion 55

8.2.3. Southwestern Energy completes acquisition of oil and gas assets in West Virginia and Pennsylvania from Chesapeake Energy for US$4.98 billion 56

8.2.4. Encino completes acquisition of Utica shale oil and gas assets in Ohio from Chesapeake Energy for US$2 billion 56

8.2.5. Ascent Resources completes acquisition of oil and gas properties in Ohio from Hess, CNX Resources, Salt Fork Resources, and Utica Minerals Development for US$1.48 billion 56

9. Appendix 59

9.1. Abbreviations 59

9.2. Methodology 59

9.2.1. Coverage 59

9.2.2. Secondary Research 59

9.3. Contact Us 60

9.4. Disclaimer 60

Table

Table 1: Type Well Economics Comparison for Selected Areas 7

Table 2: Marcellus Shale, Natural Gas Production by State, mmcfd, 2013–2018 11

Table 3: Marcellus Shale, Natural Gas Production by County, Pennsylvania, mmcfd, 2013–2018 12

Table 4: Marcellus Shale, Natural Gas Production by County, West Virginia, mmcfd, 2013–2018 14

Table 5: Marcellus Shale, Natural Gas Production by County, Ohio, mcfd, 2013–2018 15

Table 6: Marcellus Shale, Natural Gas Production by County, New York, mcfd, 2013–2017 17

Table 7: Utica Shale, Natural Gas Production by State, mmcfd, 2013–2018 17

Table 8: Utica Shale, Natural Gas Production by County, Pennsylvania, mmcfd, 2013–2018 19

Table 9: Utica Shale, Natural Gas Production by County, West Virginia, mmcfd, 2013–2018 20

Table 10: Marcellus and Utica Shales, Production Outlook, bcfe, 2019–2023 21

Table 11: Marcellus and Utica Shales, Number of Drilling Permits Issued and Completed, Jan 2018 to Mar 2019 23

Table 12: Marcellus and Utica Shales, Number of Well Permits by County, Pennsylvania, Jan 2018 to Mar 2019 25

Table 13: Marcellus and Utica Shales, Number of Well Permits by Operator, Jan 2018 to Mar 2019 27

Table 14: Marcellus and Utica Shales, Major Companies by Net Acreage, 2019 (acres) 29

Table 15: Marcellus and Utica Shales, Major Companies by Net Production, 2018 (mboed) 31

Table 16: Marcellus and Utica Shales, Major Companies by Initial Production Rates, 2019 32

Table 17: Marcellus Shale, Planned Capital Expenditure by Major Companies, 2019 (US$ Million) 34

Table 18: Utica Shale, Planned Capital Expenditure by Major Companies, 2019 (US$ Million) 35

Table 19: Marcellus and Utica Shales, Major Companies by Well Costs, 2018 36

Table 20: Marcellus and Utica Shales, Major Companies by Type Well Data, 2018 37

Table 21: EQT Corp., Marcellus and Utica Shales, Key Operational Parameters, 2018 38

Table 22: EQT Corp. Marcellus and Utica Shales, Key Economics, 2018 39

Table 23: Antero Resources Corp., Marcellus and Utica Shales, Key Operational Parameters, 2018 40

Table 24: Antero Resources Corp., Marcellus and Utica Shales, Key Economics, 2018 41

Table 25: Cabot Oil & Gas Corp., Marcellus Shale, Key Operational Parameters, 2018 42

Table 26: Cabot Oil & Gas Corp., Marcellus Shale, Key Economics, 2018 43

Table 27: Southwestern Energy Co, Marcellus and Utica Shales, Key Operational Parameters, 2018 44

Table 28: Southwestern Energy Co, Marcellus and Utica Shales, Key Economics, 2018 45

Table 29: Range Resources Corp., Marcellus and Utica Shales, Key Operational Parameters, 2018 46

Table 30: Range Resources Corp., Marcellus and Utica Shales, Key Economics, 2018 47

Table 31: Ascent Resources LLC, Utica Shale, Key Operational Parameters, 2018 48

Table 32: Ascent Resources LLC, Utica Shale, Key Economics, 2018 49

Table 33: CNX Resources Corp., Marcellus and Utica Shales, Key Operational Parameters, 2018 50

Table 34: CNX Resources Corp., Marcellus and Utica Shales, Key Economics, 2018 51

Table 35: Marcellus and Utica Shales, Active, Planned and Announced Pipelines 53

Table 36: Marcellus and Utica Shales, Major Deals by Oil and Gas Companies, 2013–2019 57

Figures

Figure 1: Northeast Natural Gas Price Differential to Henry Hub, 2016–2019 8

Figure 2: Relation between Lateral Length and Breakeven Pricing for Major Operators in the Marcellus and Utica Shaless, 2018 9

Figure 3: Marcellus Shale, Natural Gas Production by County, Pennsylvania, mmcfd, 2013–2018 12

Figure 4: Marcellus Shale, Natural Gas Production by County, West Virginia, mmcfd, 2013–2018 13

Figure 5: Marcellus Shale, Natural Gas Production by County, Ohio, mcfd, 2013–2018 15

Figure 6: Marcellus Shale, Natural Gas Production by County, New York, mcfd, 2013–2017 16

Figure 7: Utica Shale, Natural Gas Production by County, Pennsylvania, mmcfd, 2013–2018 18

Figure 8: Utica Shale, Natural Gas Production by County, West Virginia, mmcfd, 2013–2018 20

Figure 9: Marcellus and Utica Shales, Production Outlook, bcfe, 2019–2023 21

Figure 10: Marcellus and Utica Shales, Permits Issued and Completed, Jan 2018 to Mar 2019 22

Figure 11: Marcellus and Utica Shales, Number of Well Permits by County, Pennsylvania, Jan 2018 to Mar 2019 24

Figure 12: Marcellus and Utica Shales, Number of Well Permits by Operator, Jan 2018 to Mar 2019 26

Figure 13: Marcellus and Utica Shales, Major Companies by Net Acreage, 2019 28

Figure 14: Marcellus and Utica Shales, Major Companies by Net Production, 2018 (mboed) 30

Figure 15: Marcellus and Utica Shales, Well Profile 33

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