IFO 2Q24 Report: New Wells Drilled, Production Both Down in Pa.

Yesterday, the Pennsylvania Independent Fiscal Office (IFO) released its latest quarterly Natural Gas Production Report for April through June 2024 (full copy below). There were 63 new horizontal wells spud (drilled) in 2Q24, a decrease of 26 wells (-29%) compared to 2Q23. That number was also down significantly (37%) from the 100 wells spud in 1Q24. This was the seventh consecutive quarter with a year-over-year (YOY) decline in new wells spud. Natural gas production volume was 1,776 billion cubic feet (Bcf) in 2Q24, down 89 Bcf (5%) from the 1,865 Bcf produced in 2Q23.

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