Energy companies in search of the oil and natural gas basin of the future thought they struck black gold in the Utica Shale that extends underneath most of Ohio and western Pennsylvania. Much to their chagrin, the oily future of this play has appeared to be drier than many thought. Because of this, companies like Chesapeake Energy and Devon Energy have decided to sell out of their non-core Utica acreage.
Gulfport Energy however, is one company that is dumping a significant portion of its resources into this area. An expected $500 million will be spent here in 2013 in the hopes of driving significant growth within the company. Is this a wise strategy? Find out in the video below.
Energy investors would be hard-pressed to find another company trading at a deeper discount than Chesapeake Energy. Its share price depreciated after negative news surfaced concerning the company's management and spiraling debt picture. While the debt issues still persist, giant steps have been taken to help mitigate the problems. To learn more about Chesapeake and its enormous potential, you're invited to check out The Motley Fool's brand-new premium report on the company. Simply click here now to access your copy.
The article This Major Oil Field Has Been Disappointing originally appeared on Fool.com.
Joel South owns shares of Devon Energy. Taylor Muckerman has no position in any stocks mentioned. The Motley Fool owns shares of Devon Energy and has the following options: Long Jan 2014 $20 Calls on Chesapeake Energy, Long Jan 2014 $30 Calls on Chesapeake Energy, and Short Jan 2014 $15 Puts on Chesapeake Energy. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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