Last week top management from midstream heavyweight Williams participated in an analyst call to discuss first quarter 2015 results and to talk about what to expect going forward in 2015. The one that that stands out about the call is that Williams is facing lower volumes of gas flowing through their pipelines in some areas of the Marcellus Shale because drillers are “curtailing” or shutting-in some of their wells to wait for natgas prices to go up. Sometimes drillers do that. They have a lot of expenses sunk into a well. If they believe the price will rise in the near or medium term, they sometimes throttle back and wait. How much are drillers shutting in? Williams figures it will be between 300-500 million cubic feet per day (Mmcf/d) of production…
