Rice

Facing low natural gas prices and with more production data on hand, Rice Energy Inc. said Thursday that it would increase the spacing between its Ohio Utica Shale wells and revise estimated ultimate recoveries (EUR) in the play.

Rice Energy Inc. disclosed late Tuesday the terms of a previously announced $500 million equity investment, revealing that the institutional investment firm EIG Global Energy Partners (EIG) would provide $375 million up front for a stake in the company’s midstream assets in Ohio and Pennsylvania (see Shale Daily, Dec. 21, 2015).

Building on a letter of intent they signed in October, Rice Energy Inc. and Gulfport Energy Corp. have completed their midstream joint venture (JV), which would support Gulfport’s dry natural gas production in Ohio’s Belmont and Monroe Counties.

Rice Energy Inc. said Monday that it would sell a $500 million interest in its midstream holdings to an unnamed energy infrastructure fund, stopping short of disclosing terms of the deal before it’s completed early next year.

Rice Energy Inc. subsidiary Rice Energy Marketing LLC has asked the Federal Energy Regulatory Commission to grant Rover Pipeline LLC’s request for a certificate of public convenience and necessity in a timely manner to allow construction to start on time next summer. Backed by Energy Transfer Partners LP, Rover filed for a certificate on Nov. 9.

After recording substantial production gains in the quarter, Rice Energy Inc. managed to protect against Appalachian basis differentials through hedging and firm transportation contracts to other markets.

Building on an already strong relationship in Ohio’s Utica Shale, Rice Energy Inc. and Gulfport Energy Corp. have agreed to spend $640 million under a midstream joint venture (JV) aimed at supporting Gulfport’s growing dry natural gas production in Belmont and Monroe counties.

An analysis of state data shows that just three operators accounted for more than 70% of Ohio’s unconventional oil and gas production in the second quarter.

Rice Energy Inc. more than doubled its year-over-year production in the first quarter, when for the first time its nascent Ohio Utica Shale program contributed meaningfully to its sales volumes.