PA Game Commission Shows How to Manage Gas Royalty Ups & Downs

The Pennsylvania Game Commission (PGC) owns and manages more than 1.5 million acres of state game lands throughout the Commonwealth. The primary purpose of these lands is the management of habitat for wildlife and providing opportunities for lawful hunting and trapping. You might think PGC gets most of its revenue from hunting and trapping licenses and fees. You would be wrong. PGC allows shale drilling on some of its vast holdings, and leases and royalties generate 39% of the income for PGC (as of 2024). The problem (if you can call it a problem) is that royalty revenue from shale for the PGC varies widely from year to year. For example, the revenue flowing to PGC from shale during its last fiscal year decreased by a whopping 46%. But the PGC was ready. The way the PGC prepares for those wild swings is instructive for all landowners.

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