Appalachian Basin

Newfound Ohio Utica Shale Oil Play Yielding Results

Recent data from the Ohio Department of Natural Resources (ODNR) confirms an emerging Ohio oil play with untapped potential. Traditionally thought of as a natural gas play, new technologies have unlocked oil production in the Utica Shale that continues to grow: 70 percent since 2021 with 40 percent annual growth from 2022 to 2023.  

The first quarter (Q1) production results from ODNR indicate the state produced 7,227,503 Bbls of oil, continuing its upward trend. If these numbers continue, 2024 will be a record oil year for the state.  

(ODNR)

News of this untapped market continues to raise eyebrows. The Youngstown Business Journal reported on Q1 results, saying:  

“Columbiana County’s section of the Utica – traditionally known for its high volumes of natural gas and wet gas – has for the past year delivered skyrocketing oil production that is out of character for the northern tier of the play.” (emphasis added) 

Similarly, Hart Energy reported on EOG Resources investing in the combo play, with EOG chairman and CEO Ezra Yacob recently declaring: 

“It’s funny, right? When you take the blinders off and you come with a different perspective from different basins, it’s amazing the things that you can uncover….” 

EOG executives told investors in May that the Utica oil play can “compete with the best plays in America.” 

Rob Brundrett, the president of the Ohio Oil & Gas Association, also emphasized Ohio’s “holy trinity of hydrocarbons” when speaking at the Hart Energy DUG Appalachia conference: 

“We’ve got oil, natural gas, natural gas liquids and crude oil. So we have them all right here in the Utica and the state of Ohio.” 

Drilling Down on the Numbers 

Ohio’s oil production is centered in a five-county area that’s responsible for 95 percent of the state’s shale oil production, including Harrison, Columbiana, Guernsey, Carroll and Noble counties.  

Encino Energy had the top five producing oil wells this quarter, with Southwestern Energy, EOG Resources, and Ascent Resources filling out the remaining top ten producing wells. Hart Energy reports that Encino produced 51 percent of Ohio’s total production, followed by Ascent Energy and Infinity Natural Resources as the top producers.  

Production Year  Owner Name  County  Well Name and Number  Oil (Bbls)  Days in Production 
2024  EAP OHIO LLC  HARRISON  Burdette 19-12-6 201H  139,413  90 
2024  EAP OHIO LLC  HARRISON  Burdette 19-12-6 1H  126,717  90 
2024  EAP OHIO LLC  HARRISON  Burdette 19-12-6 3H  123,832  90 
2024  EAP OHIO LLC  HARRISON  Burdette 19-12-6 5H  119,458  89 
2024  EAP OHIO LLC  HARRISON  Burdette 19-12-6 205H  108,985  89 
2024  SWN Production (Ohio) LLC  GUERNSEY  POSEY C UP GRS 5H  103,781  91 
2024  EAP OHIO LLC  COLUMBIANA  Lehwald CL BUT  205H  97,274  90 
2024  EOG RESOURCES INC.  HARRISON  Xavier HFP07 6A  93,878  91 
2024  SWN Production (Ohio) LLC  GUERNSEY  POSEY A     3H  93,086  91 
2024  ASCENT RESOURCES UTICA LLC  GUERNSEY  Jackalope NE WSG GR 5H  92,336  91 

 

Speaking to the Youngstown Business Journal on the oil success, Encino spokesperson Jackie Stewart said 

“The continuous significant quarter over quarter growth is undeniable. Encino remains optimistic about the Utica Shale, and we plan to add a fourth rig next month to continue capturing its success.” (emphasis added) 

Natural Gas Still a Success 

For its part, Q1 yielded 534,028,076 Mcf of natural gas, down just slightly from Q42023 with Antero Resources operating the top ten producing wells.  

Production Year  Owner Name  County  Well Name and Number  Gas (Mcf)  Days in Production 
2024  ANTERO RESOURCES CORPORATION  GUERNSEY  J ANDERSON     5H  3,710,696  91 
2024  ANTERO RESOURCES CORPORATION  GUERNSEY  J ANDERSON     3H  3,287,230  91 
2024  ANTERO RESOURCES CORPORATION  GUERNSEY  J ANDERSON     2H  3,094,297  91 
2024  ANTERO RESOURCES CORPORATION  GUERNSEY  J ANDERSON     4H  3,075,657  91 
2024  ANTERO RESOURCES CORPORATION  GUERNSEY  J HALL UNIT     12H  2,992,037  91 
2024  ANTERO RESOURCES CORPORATION  GUERNSEY  J HALL UNIT     10H  2,955,451  91 
2024  ANTERO RESOURCES CORPORATION  GUERNSEY  J HALL UNIT     8H  2,811,710  91 
2024  ANTERO RESOURCES CORPORATION  GUERNSEY  J HALL UNIT     6H  2,809,214  91 
2024  ANTERO RESOURCES CORPORATION  GUERNSEY  J HALL UNIT     4H  2,775,602  91 
2024  ANTERO RESOURCES CORPORATION  GUERNSEY  J HALL UNIT     2H  2,773,860  91 

Bottom Line: While some other domestic oil plays plateau, Ohio’s newfound Utica oil is seeing quarter after quarter growth, unlocking Ohio’s potential as a key natural gas and oil state.  

No Comments

Post A Comment