American Oil and Gas Reporter - August 2023 - 52
SpecialReport: Natural Gas Playmakers
Large-scale combo development of
multiple, adjacent pads in sequence further
drives drilling efficiencies and speeds,
Rice notes.
EQT Corp.'s midstream assets include 95 miles of owned and operated gathering
systems. The company notes those midstream assets are linked to every one of Southwest
Appalachia's major long-haul interstate pipelines.
With more pipeline capacity, Appalachia
producers could produce an additional
30 Bcf/day for 30 years to meet global
needs to replace coal and generate additional
power for major global economies
and impoverished third-world countries,
according to Rice.
" If we want to meet stated climate
objectives and timelines, if we want to
provide energy security to our allies and
the 3 billion people who live on less
electricity than it takes to run the refrigerator,
if we want to provide energy security
to the 60% of Americans who live
paycheck to paycheck, we have to do
this fast, " Rice declares.
In the meantime, the company is adding
assets and deploying " combo " development
strategies to improve results on a
massive 1.7 million acre-position in Pennsylvania,
West Virginia and Ohio, where
the overall rig count has remained steady
over the past year.
In late July, EQT was awaiting regulatory
approval of its pending acquisition
of Tug Hill's upstream assets and XcL
Midstream's gathering and processing
business in a deal announced last fall.
The move would add 800 million
cubic feet a day in Southwest Appalachia
from 90,000 core net acres offsetting
EQT's existing core leasehold in West
Virginia, Rice says.
EQT's Midstream assets include 95
miles of owned and operated gathering
systems connected to every major longhaul
interstate pipeline in Southwest Appalachia.
He says it also adds a 1 billion
52 THE AMERICAN OIL & GAS REPORTER
cubic feet equivalent a day rich-gas trunkline
and a 3.5 Bcfe/d lean-gas trunkline.
The addition of Tug Hill would lower
break-even cost by an additional $0.15/Mcf
and add several hundred additional drilling
locations, Rice reports. He explains that
efficiencies from shaving $700 million
from annualized costs over three years
has reduced break-even prices to under
$2.50/Mcf, creating more economic inventory
as the company benefits from a
hedge strategy providing optimum riskadjusted
upside to natural gas prices.
On June 28, EQT's drilling department
announced a 48-hour world record of
18,200 feet drilled on the SGL-179 No.
8H well, Rice points out. The record came
after a record 24-hour footage of 12,318
feet on the same run. EQT's wells continue
to hit type curves and exceed expectations
as the company focuses this year on boosting
operations in West Virginia from 10%
to about 25% of total activity, he adds.
For full-year 2023, EQT expects to
turn about 120 wells on line, including 1
million-1.2 million horizontal feet, to
hold production flat as it works to be netzero
on greenhouse gas emissions by
2025. Well design remains consistent,
but with an emphasis on science, EQT
continues to search for ways to optimize
completions amid strong well performance,
Rice concludes.
Haynesville Track Record
EnSight IV Energy Partners LLC,
based in Shreveport, La., continues to
build positions in the Haynesville Shale,
prove up acreage through the drill bit,
and package assets and sell them to established
natural gas players looking for
growth opportunities.
" We have a track record of success in
doing that, " says President and Chief Executive
Officer George Baldwin. " We have
After selling a 5,000 net-acre package with 42 MMcf net daily production last year for $125
million in the core of the Haynesville Shale, EnSight IV Energy Partners drilled nine wells
through the first seven months of this year and was growing net production on pace to hit
100 MMcf/d by year's end. EnSight IV is planning a 12-15 well 2024 drilling program.
American Oil and Gas Reporter - August 2023
Table of Contents for the Digital Edition of American Oil and Gas Reporter - August 2023
Contents
American Oil and Gas Reporter - August 2023 - Intro
American Oil and Gas Reporter - August 2023 - Cover1
American Oil and Gas Reporter - August 2023 - Cover2
American Oil and Gas Reporter - August 2023 - 3
American Oil and Gas Reporter - August 2023 - 4
American Oil and Gas Reporter - August 2023 - Contents
American Oil and Gas Reporter - August 2023 - 6
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American Oil and Gas Reporter - August 2023 - Cover3
American Oil and Gas Reporter - August 2023 - Cover4
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