CLEVELAND, Ohio – A new study published by Cleveland State University’s Levin College of Public Affairs and Education shows Ohio’s shale-energy sector attracted approximately $2.9 billion in direct investment between January and June 2025, pushing cumulative investment since 2011 to nearly $117.5 billion. 

The Shale Investment Dashboard, published twice a year and commissioned by JobsOhio, captures direct spending across the upstream, midstream and downstream sectors of the industry in Ohio’s Utica/Point Pleasant shale formation. 

Upstream Investment

Upstream activities – including drilling, roads, lease operating expenses, royalties and lease bonuses – accounted for approximately $2.7 billion of the total investment during the first six months of 2025.

The study found that 113 new wells were drilled during the period. Harrison County led the state with 34 new wells, followed by Carroll County with 21 and Belmont County with 13. Meanwhile, energy companies secured an additional $203.5 million in new or renewed lease agreements from landholders and invested another $1.34 billion in new drilling programs across the basin.

While drilling activity declined compared with the second half of 2024, royalty payments increased to approximately $979 million as natural gas prices strengthened and oil production increased, the report says.

The report also notes that despite softening oil prices during the period (prior to the war in Iran), production efficiencies – driven in part by artificial intelligence and the Utica’s structural cost advantages relative to other shale plays – are likely to sustain oil-related development.

Production data from the Ohio Department of Natural Resources Division of Oil and Gas also indicates that total gas-equivalent shale production in the first half of 2025 was 4.75% lower than the second half of 2024. This decrease was driven almost entirely by a 7.4% decline in natural gas production; oil production increased by 18.8% over the same time frame.

Wells with the highest average oil production during the first half of 2025 were generally concentrated in a corridor angling southwest from western Columbiana County to northern Noble County, data show. Sixteen wells reported oil production greater than 1,500 barrels per day – considered very high – while 24 wells registered high productivity rates of between 1,000 and 1,500 barrels per day. An accompanying map shows that the wells with productivity greater than 1,500 barrels of oil per day were located in Columbiana and Carroll counties during the first half of 2025. 

Midstream Investment

Midstream investment totaled approximately $161.2 million during the first half of 2025, down from $280.1 million in the second half of 2024. Despite this decrease, the report shows continued investment in critical infrastructure supporting Ohio’s energy sector.

Spending focused primarily on gathering systems, transportation infrastructure, compression and dehydration facilities needed to support ongoing production and distribution activities. Of this total, an estimated $26.4 million was invested in gathering lines and $134.8 million in compression upgrades.

Construction began in 2025 on more than 30 miles of high-pressure intrastate pipeline – multiple projects intended to deliver gas to power generation facilities serving data center demand in central Ohio.

Downstream Investment

Direct downstream investment remained modest in the first half of 2025, totaling approximately $300,000, primarily reflecting the opening of a liquefied petroleum gas, or LPG, fueling station in Ohio.

The report identifies growing electricity demand – particularly from data centers – as a significant driver of future gas-fueled power generation investment in Ohio. 

More than 700 megawatts of utility-scale gas-fired generation received final construction approval from the Ohio Power Siting Board in 2025, including the 200-megawatt Socrates South project, which broke ground in June 2025. Since the first quarter of 2025, more than 2 gigawatts of additional gas-fired generation projects have come before the OPSB for consideration, signaling continued investment opportunities tied to Ohio’s growing energy needs.

“In 2025, increased investment into drilling in Ohio’s oil province was the most significant story for Ohio’s oil and gas business,” said Andrew Thomas, director of the Energy Policy Center at Cleveland State. “Oil made up 12% of total Ohio gas-equivalent production by the end of 2025 – up from around 7% in 2024. We can expect to see this trend continue in 2026. However, anticipated new investment into downstream power generation may also soon induce more gas wells to be drilled.”

The increase in energy demand – accelerated by future data center development eyed for the state – is also likely to boost investment in the future, said J.P. Nauseef, JobsOhio president and CEO.

“More than $117 billion in overall investment in shale resources demonstrates the strength of Ohio’s energy economy and the competitive advantage of our natural gas resources,” he said. “As demand for electricity continues to rise, Ohio is well-positioned to support future growth with abundant energy resources, proven infrastructure and a business climate that encourages investment.”