Pa. Gas Drilling Brought $3.5 Billion In 2011
PITTSBURGH (AP) – Marcellus Shale gas wells in Pennsylvania generated about $3.5 billion in gross revenues for drillers in 2011, along with about $1.2 billion in West Virginia, according to an analysis by The Associated Press.
But experts say that a sharp drop in wholesale prices over the last year means that much more money will be made in the future by petrochemical companies that process the gas into other industrial and consumer compounds.
In 2011 the formation produced just over 1 trillion cubic feet of gas in Pennsylvania, and about 350 billion cubic feet in West Virginia. Ohio has almost no Marcellus production, but is exploring other gas fields.