Low Prices Bite – U.S. NatGas Producers Drop Output 7% Past Mo.

Earlier this week, MDN told you that EQT, the country’s largest natural gas producer, had implemented an immediate cutback on natural gas production of 1 billion cubic feet per day (see Boom! EQT is Curtailing 1 Bcf/d of Gas Production Effective Now). Other M-U companies have announced similar reductions, including a 25% reduction by Chesapeake Energy (see Chesapeake Dropping 1 Rig in Marcellus as it Waits to Merge with SWN) and a 6% reduction by Coterra Energy (see Coterra Energy Slashing Marcellus Budget 55%, Production by 6%). Antero Resources said it will spend 26% less on drilling this year (see Antero 4Q – Production Up 6%, Profits Down 87%, 21 New Wells). So, with all of these cutbacks, when might we see a slowdown in gas production? Actually, it's already happening.

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