Stock Price for M-U Drillers Surprisingly Resilient in 2024

In 2024, natural gas prices have spent almost the entire year under $3.00 per Mcf (thousand cubic feet), including a few months under $2.00/Mcf. You would think such low prices would have a negative effect on the stock prices of publicly traded Marcellus/Utica gas producers. Not so! Stock prices for our drillers have remained "remarkably stable." In fact, Antero Resources’ price is actually UP this year. Range Resources is flat for the year so far. Others, like EQT and Coterra Energy, are down just a smidge. Given the disadvantages of the M-U basin---primarily the lack of pipeline takeaway capacity and the long distance our molecules must travel to Gulf Coast LNG export facilities---it's surprising that stock valuations for our drillers have not been negatively impacted.

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