Utica Shale

Magnum Hunter Resources Corp. continued to focus on divesting non-core assets in the first quarter, as it looks to shore-up its liquidity and narrow its focus on two core areas in the Appalachian and Williston Basins that continue to slowly drive production gains.

Appalachian pure-play operator Eclipse Resources Corp., which has been rumored since last year to be considering an initial public offering (IPO), has filed a Form S-1 with the U.S. Securities and Exchange Commission indicating that it intends to raise $100 million on the New York Stock Exchange (NYSE) in the coming months.

Little changed for Appalachian pure-play operator Antero Resources Corp. during the first three months of the year, as production continued to steadily climb and the company kept realizing strong natural gas prices as the result of cold weather and its sharp focus on firm transportation.

Gulfport Energy Corp. on Thursday announced a drastic shift in its strategy to develop the Utica Shale, defying expectations and scaling-back its drilling and completion plans in favor of a slower approach aimed at long-term growth that found analysts on edge and sent the company’s stock plummeting.

Midstream operators MarkWest Energy Partners and DCP Midstream Partners each had strong first quarters, opening a plethora of infrastructure and processing facilities in U.S. shale plays, and recording significant earnings increases, the companies said in separate announcements this week.

Chesapeake Energy Corp. is more than making do with its smaller portfolio and reduced spending plans, with its first quarter natural gas and oil production increasing by 11% and revenues surging 47%.

PDC Energy Inc. continued to deliver results in its core areas of Colorado’s Wattenberg Field and Ohio’s Utica Shale last quarter by nearly doubling production and once again boosting its liquids mix, but legal fees, commodity prices and processing constraints cut into profits and limited gains at the same time.

In response to requests from Appalachian producers, MarkWest Energy Partners LP on Tuesday said it would add another 400 MMcf/d of rich gas processing capacity by building two cryogenic plants at existing facilities serving Marcellus Shale production in West Virginia.

Carrizo Oil & Gas Inc. raised its oil production guidance for the rest of the year as 1Q2014 oil and natural gas production beat guidance and acreage was bolted on in the Eagle Ford and Utica shales. The company said it may have the best condensate-producing well in the entire Utica.