- Obama fantasizes about more executive power, signs new order on federal contractors
- Clintons call Klein, Halper, Kessler ‘a Hat Trick of despicable actors’: report
- Boehner accuses Obama of ‘legacy of lawlessness’
- Pro-marijuana group claims responsibility for Brooklyn Bridge flag swap
- Young adults shun Obamacare mostly due to cost: survey
- Stabbing attack on transgender girl, 15, was ‘bias motivated,’ police say
- LGBT adults still lean overwhelmingly toward Democratic Party
- Lawmakers rattled by Syria genocide horrors, call on Obama to act
- 3 African leaders cancel trip to U.S. over Ebola outbreak; Obama still plans summit
- Sarah Palin’s online channel hits snag as Stephen Colbert buys similar URL
BP pulls out of drilling in northeast Ohio
Question of the Day
AKRON, Ohio (AP) - BP will scrap plans for shale drilling in northeast Ohio because of disappointing results from test wells.
The energy company said in a news release that “as a consequence of its appraisal results,” it was abandoning plans for drilling in the Utica shale and selling off leases in the region.
The company has about 105,000 leased acres in northeast Ohio, mostly in Trumbull County near Warren. The company announced as part of its first-quarter financial results this week that it will write off more than $500 million it has spent there so far.
The company never disclosed what it paid landowners for five years of drilling leases, but published reports at the time estimated the amount at $4,000 per acre.
Texas-based Halcon Resources in March had stopped its drilling in the area because of poor results.
BP has drilled six experimental wells in northern Trumbull County within the last year, and four are now producing. Ohio’s quarterly results released last week by the state Department of Natural Resources, however, indicated poor results, according to the Warren Tribune Chronicle.
The Akron Beacon Journal reported that the Utica shale in the region is rich with natural gas but is lacking liquids that are desired by drillers, especially with low prices being paid for natural gas.
Mike Chadsey, spokesman for the industry group the Ohio Oil and Gas Association, noted that the recent links between hydraulic fracturing, or fracking, and seismic activity may also have been a factor.
TWT Video Picks
By Ted Cruz
Israel saves its enemies; Hamas endangers its friends
- CIA admits improperly hacking Senate computers in search of Bush-era information
- Chicken pox outbreak puts illegal immigrant facility on lockdown
- CRUZ: A tale of two hospitals: One in Israel, one in Gaza
- GOP report sees ties between rich donors, green 'nonprofits'
- U.S. troops told not to eat, drink in front of Muslims during Ramadan
- Al Gore's climate-changers at EPA hearings foiled by cool temperatures
- Catholic League slams Obama: 'Do Christian lives mean so little to you?'
- Israel surprised by Hamas tunnel network
- House votes to sue President Obama over claims of presidential power
- EDITORIAL: The real Lois Lerner exposed in newly released emails
Obama's biggest White House 'fails'
Celebrities turned politicians
Athletes turned actors
20 gadgets that changed the world