Yesterday, the Pennsylvania Independent Fiscal Office (IFO) released its latest quarterly Natural Gas Production Report for July through September 2023 (full copy below). There were 102 new horizontal wells spud (drilled) in 3Q23, a huge decrease of 56 wells (-35%) compared to 3Q22. However, 3Q’s spud number was up nicely from the 89 drilled in 2Q23. Natural gas production volume was 1,870 billion cubic feet (Bcf) in 3Q23, down 10 Bcf (-0.5%) from 1,880 Bcf produced in 3Q22.
