It is no wonder everyone else has gotten out of the Utica Shale. CHK is still a player because they have no choice. They are all in with 1,000,000 acres already under lease so they might as well throw good money after bad.
Utica wells are averaging a horrendous 7 BOPD. Really shitty wells. This play was always a sucker's play and these results prove it.
Answering your question, Anon 1849, they aren't making a profit. Like almost every player in the Utica, the are purely speculators. They are hoping some idiot will come along and buy their $1,200+ per acre positions for a figure north of that. With the depressed prices for hydrocarbons you're seeing today there is no way to make any profit. It is a lose-lose situation for the speculators. One of two things will happen: 1) the leases will expire; 2) $8,000,000 wells will be drilled with no prospect of ever reaching payout.
Better than CHK
Wow...crazy how shit turned out. How are other companies like Gulfport doing in the Utica?