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Yesterday, the Pennsylvania Independent Fiscal Office (IFO) released its latest quarterly Natural Gas Production Report for January through March 2024 (full copy below). There were 100 new horizontal wells spud (drilled) in 1Q24, a decrease of 20 wells (-16.7%) compared to 1Q23. That number was also down from the 110 wells spud in 4Q23. This was the sixth consecutive quarter with a year-over-year (YOY) decline in new wells spud. Natural gas production volume was 1,881 billion cubic feet (Bcf) in 1Q24, up 36 Bcf (1.9%) from the 1,845 Bcf produced in 1Q23. However, 1Q24's 1,881 Bcf was down 3.0% from 4Q23's 1,939 Bcf.
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