Commodity prices drive PDC’s decision to idle drilling rig in Ohio

Columbus Business First reports that PDC Energy Inc. will temporarily idle its drilling rig in Ohio’s Utica shale play in 2015 and concentrate on the Wattenberg field in Colorado as a result of dropping commodity prices. The newspaper says Denver-based PDC will spend $38 million in Ohio next year to complete a four-well pad in Guernsey County and maintain its leasehold interests, but that spending is down 80 percent from $190 million in 2014. The company said it expects to resume its Utica shale drilling program “when commodity prices and netback realizations rebound.” For more, read the full story.