One company operating in the Marcellus and Utica Shale formations has managed to nearly double its daily production during the first quarter and cut its rig count in the formations by almost half.
As reported by the Pittsburgh Business Times, Antero Resources shared in its more recent operational update that its production increased by 89 percent, bringing its daily average to almost 1.5 billion equivalent cubic feet per day. The company’s production increase is credited to the 41 wells Antero put into service located in the Marcellus during the quarter, along with stable production coming from the Utica. The wells Antero has in the Utica all together averaged 274 million equivalent cubic feet per day.
Chairman and CEO Paul Randy commented on Antero’s first quarter achievements:
We had a tremendous quarter operationally, once again achieving record production levels that were above expectations at attractive all-in margins.
Even though the company’s production has outdone itself when compared to last year during the same quarter, Antero is expecting a slight decrease in production during the second and third quarters. The company is postponing the completion of 50 wells in the Marcellus until 2016 and has cut its rig count in the region from 21 to 11 rigs.