Chevron announced on Jan. 21 its plan to spend nearly $40 billion on drilling and fracking this year, according to a press release from the California-based global oil giant.
Much of that budget is planned for the Marcellus Shale play in West Virginia’s Northern Panhandle.
“Overall, we have an attractive portfolio of investment opportunities which we will continue to fund in a disciplined fashion to grow value and shareholder distributions,” Chairman and CEO John Watson says.
Chevron, one of the largest publically owned oil companies in the world, earned $5 billion from June through September 2013.
The company says about 90 percent of the 2014 spending program is slated for upstream crude oil and natural gas exploration and production projects.
Chevron reports it is increasing Marcellus Shale production in West Virginia and Pennsylvania, and Watson said much of this production is in the “liquids-rich” zone — meaning the gas stream contains both dry methane and wet products such as ethane, propane and butane.
Cunningham Energy merges with Pettey Oilfield Services
Cunningham Energy, an oil and gas exploration and production company based in Charleston, W.Va., announced Jan. 21 that it has merged with Pettey Oilfield Services Inc. to form Cunningham Oilfield Services.
The company will offer a complete package of well service solutions for oil and gas production companies, including full vertical and horizontal contract drilling, completion drilling, service/swabbing rig work, cement services, plugging services, well location and right of way construction, pipeline construction and commercial trucking.
“Pettey Oilfield Services has been operating successfully in the Appalachian Basin for decades and brings unparalleled experience and relationships to our newly formed services arm,” says Ryan Cunningham, president of Cunningham Energy.
Cunningham Oilfield Services operates from two locations – Charleston, W.Va., and Hamlin, W.Va. – both serving the Appalachian Basin.
Chief Oil & Gas increasing focus in Marcellus Shale
Chief Oil & Gas is growing and will increase its focus in the Marcellus Shale region by opening a new field office within the first quarter of the year, according to company officials.
The Chief Wyalusing Yard in Wyalusing, Pa., is part of the company’s plan to take advantage of the natural gas resources in the shale, says Daria Fish, director of public affairs.
The field office consists of three 20- by 60-foot modular buildings that will run a variety of natural gas related operations. The office will house 12 employees, which will include field employees, production and completions, a drilling consultant and well tenders.
The operations control center will monitor wells throughout Chief’s operations, Fish says. If a problem happens at a well, the well can be shut off from the center.
“We doubled our acreage from 2012 to 2013,” Fish says. “This office allows us to be closer to our operations and thus will make it more efficient and less costly.”
