EQT gives 2016 drilling forecast
PITTSBURGH – EQT Corp. plans to drill 72 Marcellus wells in 2016, according to information the Pittsburgh-based natural gas exploration and production company released this week.
According to a news release, EQT is forecasting capital expenditures of $1 billion in 2016, which includes $820 million for well development.
The company expects production sales volume to be between 700 billion cubic feet to 720 Bcfe.
EQT also said it plans to drill five deep Utica Shale wells with an average lateral length of 5,200 feet, and based on results, could drill up to an additional five wells. EQT owns about 400,000 net acres it believes to be prospective for deep Utica wells.
The 2016 projections are down from 2015’s spending plan, when the company forecast $2.3 billion in capital expenditures, which was to include $1.95 billion in well development that included 181 Marcellus wells.