Yesterday the Pennsylvania Independent Fiscal Office (IFO) released its latest quarterly Natural Gas Production Report for October through December 2022 (full copy below). There were 136 new horizontal wells spud (drilled) in 4Q22, a decrease of 18 wells (-12%) compared to 4Q21. Natural gas production volume was 1,856 billion cubic feet (Bcf) in 4Q22, down a big 100 Bcf (-5.1%) from 4Q21. It is the fourth quarterly decrease in production in a row (comparing the same quarters year-over-year). Sadly, 4Q22 production was also down from 3Q22–by 1.2%.
