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National Fuel to Slow Marcellus Drilling; One-Rig Strategy
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National Fuel Gas Company announced consolidated results for the first quarter of its 2016 fiscal year (the quarter ended December 31, 2015) and provided an update on the Company's upstream and midstream operations in Appalachia.
Key Points: Plans to slow Marcellus drilling operations Having already dropped one of its three rigs in January, Seneca plans to lay down an additional rig in March and operate a single rig in Appalachia for the remainder of fiscal 2016 and fiscal 2017. The Exploration and Production segment's capital expenditure guidance range would be reduced by an additional $90 to $110 million if Seneca's Marcellus joint development partner exercises their right to participate in the remaining 38 wells as outlined in the joint development agreement. Appalachian Operations…- ✓ Full news archive — U.S., Canada & international coverage
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