$3.5 Billion Flows in Second Half of 2024
CLEVELAND, Ohio (January 19, 2026) — Ohio’s shale energy industry continued its long-term growth trajectory in the second half of 2024, attracting approximately $3.5 billion in new direct investment, according to a new analysis by Cleveland State University. The findings push cumulative shale-related investment in Ohio past $114.6 billion since 2011, underscoring the state’s sustained competitiveness in energy production, infrastructure development, and industrial growth.
The biannual Shale Investment Dashboard, commissioned by JobsOhio, tracks direct capital spending across the upstream, midstream, and downstream segments of Ohio’s shale economy. The latest report highlights continued momentum in drilling activity, infrastructure expansion, and energy delivery systems supporting power generation and data center growth.
“Ohio’s rich shale resources continue to attract billions in investment, reflecting global confidence in our workforce, infrastructure, and business climate,” said JobsOhio President and CEO J.P. Nauseef. “Adding more than $3 billion in just six months demonstrates how abundant, low-cost natural gas continues to strengthen Ohio’s economy and enhance U.S. energy security.”
Upstream Investment Driven by Oil-Producing Wells
Upstream investment increased by approximately $615 million in the second half of 2024 compared to the first half of the year, reflecting heightened drilling activity—particularly in oil-producing areas of the Utica Shale. A total of 191 new wells were developed during the study period, marking the highest six-month total since 2017. More than 70 percent of those wells were located in the oil-rich portion of the play.
New wells accounted for 29 percent of the 19.3 million barrels of oil produced during the study period. Despite softening oil prices, production efficiencies—driven by advanced analytics, automation, and the Utica’s structural cost advantages—are expected to sustain oil-related investment, which represented more than 10 percent of total gas-equivalent production in early 2025.
Belmont County led the state in total production for the third consecutive reporting period, while Guernsey Countyrecorded the highest number of new wells, largely within the Utica’s volatile oil window.
Midstream Spending Supports Power Generation and Data Centers
Midstream investment totaled $280.1 million in the second half of 2024, up from $235.8 million in the first half of the year. Spending continues to exceed $200 million per six-month period, a trend sustained since early 2023.
Investment during the reporting period focused on natural gas transportation and processing infrastructure, including $124.4 million in gathering lines and $155.7 million in compression systems. Construction began in 2025 on more than 30 miles of high-pressure intrastate pipeline, supporting natural gas delivery to power generation facilities serving central Ohio data centers and industrial users.
Downstream Investment Poised for Growth
Downstream investment remained limited in the second half of 2024, with $1.8 million invested in liquefied petroleum gas fueling stations. However, rising electricity demand—particularly from data centers—is accelerating interest in gas-fired power generation across Ohio.
“As long as wholesale power prices remain above the delivered cost of natural gas, market conditions will continue to support new investment in gas-fired generation,” said Mark Henning, research supervisor at Cleveland State. “Oil development continues to play an expanding role in upstream investment, while regulatory reforms under Ohio House Bill 15 are expected to support future downstream activity.”
Energy Advantage Reinforces Ohio’s Economic Competitiveness
The latest benchmarks reaffirm JobsOhio’s strategy to convert Ohio’s natural gas advantage into high-value jobs, resilient supply chains, and competitive energy costs for manufacturers, data centers, and energy-intensive industries. The Shale Investment Dashboard will continue to be updated every six months, providing policymakers, investors, and site selectors with ongoing insight into capital flows and Ohio’s evolving energy landscape.
The full report and previous editions of the Shale Investment Dashboard are available through JobsOhio. For more information on Ohio’s energy and industrial opportunities, visit JobsOhio.com/energy.
About the Levin College of Public Affairs and Education
The Levin College of Public Affairs and Education at Cleveland State University is nationally recognized for excellence in public affairs education and applied research. Ranked among the nation’s top public affairs programs by U.S. News & World Report, the college is a leader in urban policy, local government management, and economic development research.
About JobsOhio
JobsOhio is Ohio’s private, nonprofit economic development corporation, focused on business attraction, retention, and expansion across ten targeted industry sectors. Working in collaboration with seven regional partners, JobsOhio delivers customized solutions that help companies grow while strengthening Ohio’s long-term economic competitiveness.
