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Yesterday, the Pennsylvania Independent Fiscal Office (IFO) released its latest quarterly Natural Gas Production Report for October through December 2024 (full copy below). There were 84 new horizontal wells spud (drilled) in 4Q24, a decrease of 26 wells (-24%) compared to 4Q23. However, 4Q’s spud number increased from the 63 drilled in the prior quarter, 3Q24. Natural gas production volume was 1,869 billion cubic feet (Bcf) in 4Q24, up 30 Bcf (1.6%) from 1,839 Bcf produced in 3Q24. There were two pieces of big news in this report: (1) Production for all of 2024 went down 3.7% from 2023; (2) 310 wells were drilled in 2024, less than any year since 2008.
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