PA IFO 2Q25: Production Up 9%, Drilling Up 67%, Spot Price Up 61%

Yesterday, the Pennsylvania Independent Fiscal Office (IFO) released its latest quarterly Natural Gas Production Report for April through June 2025 (full copy below). There were 105 new horizontal wells spud (drilled) in 2Q25, a huge increase of 42 wells (+67%) compared to 2Q24. Natural gas production volume was 1,954 billion cubic feet (Bcf) in 2Q25, up 162 Bcf (+9%) from 1,792 Bcf produced in 2Q24. The average Pennsylvania spot hub price was $2.38, an increase of $0.90 (+61%) from the prior year. All in all, it was a great second quarter for the PA Marcellus.

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