Ohio’s Shale Energy Industry Attracts $2.9 Billion in Direct Investment in First Half 2024, Pushing Cumulative Total Investment Past $111 Billion

Cleveland State analysis commissioned by JobsOhio points to a tripling of well activity, midstream upgrades topping $236 million, and over 1-Gigawatt of new capacity proposed to power AI-driven growth

Cleveland, Ohio July 29, 2025 - A study published today by Cleveland State University’s Maxine Goodman Levin School of Urban Affairs shows Ohio’s shale-energy sector drew nearly $2.9 billion in fresh capital between January and June 2024, pushing cumulative investment since 2011 to $111.1 billion. Commissioned by JobsOhio, the bi-annual Shale Investment Dashboard captures direct spending across the upstream, midstream and downstream segments of the industry.

“Crossing the $100 billion investment threshold just a few years ago was a landmark, and Ohio’s abundant, low-cost natural gas continues to power our economy forward,” said JobsOhio President and CEO J.P. Nauseef. “Adding almost three billion dollars more in just six months illustrates the confidence global energy and technology leaders have in Ohio’s rich shale resources, workforce, infrastructure and business climate.”

Upstream Investment

The latest dashboard shows that upstream activities accounted for $2.62 billion of the half-year total, covering drilling, road construction, lease operating expenses, royalties and lease bonuses. This reflects a nearly $1.1 billion increase from the prior six-month period, marking an easing of supply chain pressures and favorable market conditions. Drilling accelerated sharply during this period, with a 3-fold increase of 143 newly listed wells.

Midstream Investment

Midstream developers invested $236 million to expand gathering, compression and dehydration capacity. Roughly $106 million went into new trunk and lateral gathering lines that tie fresh wells into the system, while $129.7 million funded horsepower upgrades at key compressor stations. Although the tally is approximately 19 percent below the second half of 2023, it represents the second consecutive period above the $200 million mark.

Downstream Investment

Downstream spending was quieter: $5.8 million for a 2.4-megawatt gas-fueled CHP system at Abbott Nutrition near Dayton. The pipeline of future projects, however, is anything but quiet. More than one gigawatt of natural-gas generation, representing upward of $1 billion in prospective investment, is now under review at the Ohio Power Siting Board to serve the state’s AI-driven data center capacity.

Beyond segment-by-segment details, the study exhibited the depth and durability of Ohio’s shale economy.

“The recent wave of high-value mergers and acquisitions in Ohio’s shale industry underscores the basin’s long-term strategic value and reflects continued confidence in the productivity and economic potential of its natural gas and liquids resources,” said Mark Henning, research supervisor at Cleveland State.

Geographically, activity continues to coalesce along the Utica’s liquids-rich corridor. Belmont County led the total shale-related oil and gas production in billion cubic feet equivalent (Bcfe) during this period with 304 Bcfe, more than a quarter of the sum total. Carroll and Harrison counties together attracted nearly $662 million in drilling capital across 57 new wells, the largest upstream infusion anywhere in the state this period. In Guernsey County, oil accounted for 42.5% of total production, highlighting the competitive edge of its rich condensate window.

These benchmarks reaffirm JobsOhio’s commitment to converting the state’s natural gas advantage into high-value jobs, resilient supply chains and competitive energy costs. The Shale Investment Dashboard will continue to be updated every six months, offering policymakers, investors and communities an authoritative lens on capital flow and the long-term economic impact of Ohio’s energy leadership.

The latest report, as well as previous reports, can be found here. For more information, visit jobsohio.com/energy.

ABOUT THE MAXINE GOODMAN LEVIN SCHOOL OF URBAN AFFAIRS

The Maxine Goodman Levin School of Urban Affairs at Cleveland State University is recognized as one of the best public affairs schools in the nation by U.S. News & World Report. The Levin School is ranked 4th in the US in the specialty of Urban Policy and 12th in the specialty of Local Government Management.

Levin offers undergraduate, graduate, and professional development programs in fields that guide and advance vibrant and sustainable communities, including urban studies, public administration, urban planning, environmental studies, nonprofit management, and organizational leadership. The Levin School’s collection of scholars combines practical experience with research and theory, delivering excellence in teaching to prepare the next generation of community leaders.

Founded in 1964, Cleveland State University is a public research institution with more than 14,000 students, 8 colleges and schools and more than 175 academic programs. According to the Brookings Institution, CSU is No. 18 in the U.S. among public universities that fulfill a critical dual mission: providing upward mobility and conducting impactful research. CSU is the only Ohio university in the top tier of the Brookings list. U.S. News & World Report consistently lists CSU among America’s Best Colleges and Universities.

ABOUT JOBSOHIO

JobsOhio, Ohio's private nonprofit economic development corporation, enhances company growth and personnel development through business attraction, retention, and expansion across ten competitive industry sectors. With a team of seasoned professionals, JobsOhio utilizes a comprehensive network to foster talent production in targeted industries and attract talent through Find Your Ohio. Collaborating with seven regional partners, including Dayton Development Coalition, Lake to River Economic Development, Ohio Southeast Economic Development, One Columbus, REDI Cincinnati, Regional Growth Partnership, and Team NEO, JobsOhio delivers world-class customer service to provide companies with a competitive advantage. Learn more at www.jobsohio.com. Follow us on LinkedIn, Twitter and Facebook.