Marcellus and Utica Shales in the United States of America (USA) – Gas Shale Market Analysis and Outlook to 2021

The Appalachia Basin which is made up of the Marcellus formations and the Utica Shale, accounted for more than 40% of the natural gas produced in the United States in 2020. Most of the production comes from the state of Pennsylvania and Ohio and partially from West Virginia. Unlike many of the oil plays in the US Lower 48, the natural gas plays including the Appalachia Basin saw a less drastic change in production and drilling activity during the economic contraction caused by the Covid-19 pandemic.

While major oil-producing operators slashed their 2020 capital expenditure up to 50% – 60%, the top three producers in the Appalachia Basin EQT Corporation, Antero Resources, and Southwestern Energy have only cut their capital by 20%, 35% and 40%, respectively. This region averaged 32.19 billion cubic feet of natural gas per day (bcfd) and 33.44 bcfd in 2019 and 2020, respectively.

Scope

The report analyzes the crude oil and natural gas appraisal and production activities in Marcellus and Utica Shales play in the US. The scope of the report includes:

Comprehensive analysis of natural gas and crude oil historical production and short term outlook of Marcellus and Utica shale plays during 2019–2021

Detailed information of impact on well development, permits and deals due to COVID–19 pandemic

In-depth information on net acreage, operational performance and financial standings of major operators in Marcellus and Utica shale plays

Analysis of top companies’ future plans and cost trends in 2020

Up-to-date information on associated infrastructure and major mergers and acquisitions in Marcellus and Utica shale plays between 2018 and 2020

Reasons to buy

Develop business strategies with the help of specific insights into Marcellus and Utica shale plays in the US

Plan your strategies based on economic viability and expected developments in Marcellus and Utica shale plays

Keep yourself informed with the latest M&A activity in these shale plays

Identify opportunities and challenges in Marcellus and Utica shale plays

Table of Contents

1. Overview 6

1.1 Marcellus and Utica Shale Plays, Recent Developments and Trends 6

2. Marcellus and Utica Shale Plays, Introduction 8

2.1 Marcellus and Utica Shale Plays, Formation Overview 8

3. Marcellus and Utica Shale Plays, Production and Activity Overview 9

3.1 Marcellus and Utica Shale Plays, Production Analysis, 2017–2019 9

3.2 Marcellus and Utica Shale Plays, COVID-19 Impact on Production 14

3.3 Marcellus and Utica Shale Plays, Production Outlook, 2020–2021 15

3.4 Marcellus and Utica Shale Plays, Drilling Activity 16

3.5 Well profile 21

4. Marcellus and Utica Shale Plays, Competitive Benchmarking 23

4.1 Marcellus and Utica Shale Plays, Major Companies with Prominent Presence, 2020 23

4.2 Marcellus and Utica Shale Plays, Major Companies’ Financial Standings 25

4.3 Marcellus and Utica Shale Plays, Operational Performance of Leading Operators 26

4.4 Marcellus and Utica Shale Plays, Completion Parameters, 2020 28

4.5 Marcellus and Utica Shale Plays, Future Plans of Major Companies 31

4.6 Marcellus and Utica Shale Plays, Cost Trends, 2020 32

5. Marcellus and Utica Shale Plays, Analysis of Bankrupt Companies 34

5.1 Gulfport Energy Corp 34

5.2 Chesapeake Energy Corp 36

6. Marcellus and Utica Shale Plays, Associated Infrastructure 39

6.1 Pipelines 39

7. Mergers and Acquisition Activity in the Marcellus and Utica Shale Plays, 2018–2020 42

7.1 Overview of M&A Activity 42

7.2 Major Acquisitions 42

8. Marcellus and Utica Shale Plays, Analysis of Major Companies 46

8.1 Antero Resources Corporation 46

8.2 Cabot Oil & Gas Corporation 46

8.3 Chesapeake Energy 47

8.4 CNX Resources Corporation 47

8.5 EQT Corporation 48

8.6 ExxonMobil Corporation 48

8.7 Range Resources Corporation 49

8.8 Southwestern Energy Company 49

8.9 Gulfport Energy Corporation 50

8.10 National Fuel Gas Company 50

8.11 Equinor ASA 50

8.12 Ascent Resources Utica, LLC 51

8.13 Chief Oil & Gas LLC 51

9. Appendix 52

9.1 Abbreviations 52

9.2 Methodology 52

Contact Us 53

List of Tables

Table 1: Marcellus and Utica Shale Plays, Crude oil and natural gas production, 2017–2019 9

Table 2: Marcellus and Utica Shale Plays, Net Acreage by Company, 2020 23

Table 3: Marcellus and Utica Shale Plays, Reserves and Production by Major Companies, November 2020 24

Table 4: Marcellus and Utica Shale Plays, Financial Standings of Major Companies, Q3 2020 25

Table 5: Marcellus and Utica Shale Plays, Operational Performance of Leading Operators, 2020 27

Table 6: Marcellus and Utica Shale Plays, Planned Capital Expenditure by Major Companies, 2020 (US$ million) 32

Table 7: Gulfport Energy, Marcellus and Utica Shale Plays, Key Financial Parameters, 2020 34

Table 8: Gulfport Energy, Marcellus and Utica Shale Plays, Key Operational Parameters, 2020 35

Table 9: Gulfport Energy, Marcellus and Utica Shale Plays, Key Economics, 2020 35

Table 10: Chesapeake Energy, Mercellus and Utica Shale Plays, Key Financial Parameters, 2020 36

Table 11: Chesapeake Energy, Marcellus and Utica Shale Plays, Key Operational Parameters, 2020 37

Table 12: Chesapeake Energy, Marcellus and Utica Shale Plays, Key Economics, 2020 38

Table 13: Marcellus and Utica Shale Plays, Major Active Pipelines, 2020 40

Table 14: Marcellus & Utica Shales, Major Deals by Oil and Gas Companies, 2018–2020 43

List of Figures

Figure 1: Appalachia Basin Oil and Natural Gas Production 6

Figure 2: Henry Hub vs International Natural Gas Prices (US$/mcf) 7

Figure 3: Marcellus Shale, Crude Oil and Condensate Production by County (mbd), 2017–2019 10

Figure 4: Marcellus Shale, Natural Gas Production by County, mmcfd, 2017–2019 11

Figure 5: Utica Shale, Crude Oil and Condensate Production by County (mbd), 2017–2019 12

Figure 6: Utica Shale, Natural Gas Production by County, mmcfd, 2017–2019 13

Figure 7: Marcellus and Utica Shale Plays, COVID-19 Impact on Production, 2020 14

Figure 8: Marcellus and Utica Shale Plays, Production Outlook, 2020–2021 15

Figure 9: Marcellus Shale, Number of Well Permits by County, January 2019 to November 2020 17

Figure 10: Utica Shale, Number of Well Permits by County, January 2019 to November 2020 18

Figure 11: Marcellus Shale, Number of Well Permits by Key Operators, January 2019 to November 2020 19

Figure 12: Utica Shale, Number of Well Permits by Key Operators, January 2019 to November 2020 20

Figure 13: Marcellus and Utica Shale Plays, Well Profile for Natural Gas Equivalent Production 21

Figure 14: Marcellus and Utica Shale Plays, Quartile Distribution of EUR (mmboe) 22

Figure 15: Marcellus and Utica Shale Plays, Proppant Mass (million lbs) vs Lateral Length (ft) 28

Figure 16: Marcellus and Utica Shale Plays, Average Peak Crude Production vs Lateral Length (ft) Quartile 29

Figure 17: Marcellus and Utica Shale Plays, Peak Natural Gas Production vs Lateral Length, 2020 30

Figure 18: Marcellus and Utica Shale Plays, Natural Gas EUR vs Lateral Length, 2020 31

Figure 19: Marcellus and Utica Shale Plays, Major Companies by Well Costs (US$ mil), 2020 33

Figure 20: Marcellus and Utica Shale Plays, Active NGL and Natural Gas Pipelines by Capacity, 2020 39

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