EQT suspends test drilling in Utica shale formation

EQT Corp. has suspended test drilling in the Utica shale formation in Pennsylvania and West Virginia ahead of improvements the company is anticipating with its pending $6.7 billion acquisition of Rice Energy, reports the Pittsburgh Business Times. In announcing the decision, EQT said “improved returns on Marcellus wells resulting from longer laterals made possible by the Rice acquisition are higher than the return expected on the average Utica well today.” With the Rice deal, the company's Marcellus laterals are expected to increase from about 8,000 feet to 12,000 feet and include cost reductions, according to the Business Times. For more, read the full story.

Pennsylvania, West Virginia