US Drillers Give Up Ohio $500B Oil Dream on Disappointing Results

Bloomberg reported that some of the biggest stakeholders in the Utica Shale in Ohio are putting their acreage for sale as prices fall by as much as a third. US drillers Devon Energy Corp, EnerVest Ltd, and Chesapeake Energy Corp are selling their lands as results show lower production than what was earlier predicted.

As quoted in the market news:

People started to realize that, you know what, maybe the oil window of the play is not all it’s cracked up to be,” said Jonathan Garrett, an analyst at Wood Mackenzie who has studied the Utica.

Click here to read the full Bloomberg report.