Apples-to-Apples Comparison of 2Q Revenue, Costs for M-U Drillers

Revenue, free cash flow, and even profitability for Marcellus/Utica drillers (in fact, pretty much all oil and gas drillers) were through the roof in the second quarter of 2022. Rising oil prices and surging natural gas realizations drove per-unit revenues to a 15-year high. Almost all of the extra money coming in went to the bottom line. What about the third quarter that we're now in? RBN Energy reports "clouds are emerging on the horizon for U.S. E&Ps in the third quarter." What clouds?

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