PITTSBURGH--(BUSINESS WIRE)--EQT Corporation (NYSE: EQT) today announced completion of the flow-back
operation on its Scotts Run 591340 dry Utica well located in Greene
County, Pennsylvania. Last week, EQT Corporation announced the well’s
24-hour deliverability test of 72.9 MMcf per day, with an average
flowing wellhead pressure of 8,641 psi. Following the 24-hour
deliverability test, the well produced an average of 27.0 MMcf per day
for a period of seven days under restricted choke, with an average
flowing pressure of 9,563 psi.
The well is currently shut-in for installation of permanent production
facilities that the Company expects to complete next week, after which a
choke restricted rate of 25-30 MMcf per day is expected. The BTU content
of the well is 1.018 MMBtu/Mcf with 98.5% methane.
The Company will drill a second dry Utica well on an existing Marcellus
pad in Greene County in August. Located approximately five miles
northeast of the Scotts Run pad, this well is expected to have a 13,400
foot vertical depth and a 4,000 – 4,500 foot lateral. In order to reduce
overall well costs, the Company intends to apply lessons learned from
drilling its first Greene County Utica well. As previously announced,
EQT will spud a dry Utica well in Wetzel County, West Virginia in
September. This well is expected to have a 12,700 foot vertical depth
and a 3,000 – 3,500 foot lateral.
“Given the extraordinary initial results of our first dry Utica well, we
are accelerating our efforts in Greene County,” stated Steve
Schlotterbeck, Executive Vice President and President, Exploration &
Production. “Our focus is on creating a capital-efficient, dry Utica
development plan that leverages existing pads, existing gathering
infrastructure, and takeaway capacity. Consequently, we have
re-evaluated our competing investment opportunities, and made a
strategic decision to phase out our Upper Devonian drilling program.”
To support this Utica development, the Company will work closely with
EQT Midstream Partners (NYSE: EQM) to design the necessary expansions of
its Jupiter gathering and Equitrans transmission systems.
The Company also updated its analyst presentation to include production
data from the Scotts Run dry Utica well. The presentation is available
at http://ir.eqt.com,
and the data will be updated periodically.
About EQT Corporation:
EQT Corporation is an integrated energy company with emphasis on
Appalachian area natural gas production, gathering, and transmission.
With more than 125 years of experience, EQT continues to be a leader in
the use of advanced horizontal drilling technology – designed to
minimize the potential impact of drilling-related activities and reduce
the overall environmental footprint. Through safe and responsible
operations, the Company is committed to meeting the country’s growing
demand for clean-burning energy, while continuing to provide a rewarding
workplace and enrich the communities where its employees live and work.
EQT also owns a 90% limited partner interest in EQT GP Holdings, LP. EQT
GP Holdings, LP owns a 30% limited partner interest and 2% general
partner interest, including 100% of the incentive distribution rights,
in EQT Midstream Partners, LP.
Visit EQT Corporation at www.EQT.com.
Cautionary Statements
Disclosures in this news release contain certain forward-looking
statements within the meaning of Section 21E of the Securities Exchange
Act of 1934, as amended, and Section 27A of the Securities Act of 1933,
as amended. Statements that do not relate strictly to historical or
current facts are forward-looking. Without limiting the generality of
the foregoing, forward-looking statements contained in this news release
specifically include the expectations of plans, strategies, objectives
and growth and anticipated financial and operational performance of the
Company and its subsidiaries, including guidance regarding the Company’s
strategy to develop its Utica acreage; drilling plans and programs
(including the number, lateral length, depth and location of Utica wells
to be drilled); projected well costs; infrastructure projects (including
the timing, cost and capacity of, and the provider to build, the
expected transmission and gathering expansion projects); and technology
(including drilling and completion techniques). These forward-looking
statements involve risks and uncertainties that could cause actual
results to differ materially from projected results. Accordingly,
investors should not place undue reliance on forward-looking statements
as a prediction of actual results. The Company has based these
forward-looking statements on current expectations and assumptions about
future events. While the Company considers these expectations and
assumptions to be reasonable, they are inherently subject to significant
business, economic, competitive, regulatory and other risks and
uncertainties, many of which are difficult to predict and beyond the
Company’s control. The risks and uncertainties that may affect the
operations, performance and results of the Company’s business and
forward-looking statements include, but are not limited to, those set
forth under Item 1A, “Risk Factors,” of the Company’s Form 10-K for the
year ended December 31, 2014, as updated by any subsequent Form 10-Qs.
Any forward-looking statement speaks only as of the date on which such
statement is made and the Company does not intend to correct or update
any forward-looking statement, whether as a result of new information,
future events or otherwise.
