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. Read More “PA IFO 2Q25: Production Up 9%, Drilling Up 67%, Spot Price Up 61%”
U.S. natural gas futures rose for a sixth consecutive session, with production lower, LNG feedgas flows holding up, and the weather forecast calling for higher temperatures. The NYMEX “front month” futures contract for October settled up 1.8% at $3.064/MMBtu. Traders think that the price will move in the upward direction for a while (let’s hope so). However, we aren’t out of the woods just yet. As for the physical spot price of natural gas, the Henry Hub spot price yesterday closed at $2.895, up 27 cents from the previous day. A very nice bump. What about the spot price around the Marcellus/Utica? 
Range Resources sunk the very first Marcellus well back in 2004. It was the beginning of the shale revolution in the northeast. Range CEO Dennis Degner spoke at the recent Hart Energy DUG Appalachia Conference in Pittsburgh (August 27th). He discussed driving sustainable growth in the Marcellus/Utica region. The number one way to do that? More pipelines. But what about the coming Constitution Pipeline that will flow another 660 MMcf/d of Marcellus molecules out of northeastern Pennsylvania into New York and beyond? 
On Tuesday, the Pennsylvania Department of Environmental Protection (DEP) provided an update on the cleanup of the spill from the closed Eureka Resources frack wastewater treatment facility in Williamsport (Lycoming County), PA. On August 17, Eureka’s Second Street facility (one of the three previously operated by Eureka) leaked some of its stored untreated wastewater, which ended up in the nearby Susquehanna River via a storm drain (see 
Last week, we told you that EQT Corporation announced it had contracted with Sempra’s Port Arthur LNG Phase 2 project in Jefferson County, Texas, to buy 2 million tonnes per annum (MTPA) of LNG from the facility for a 20-year term (see 
Earlier this year, a video circulated on social media featuring a Biden EPA political appointee talking about “tossing gold bars off the Titanic,” intentionally rushing to get billions of tax dollars out of the agency before Inauguration Day. The EPA’s new sheriff, Lee Zeldin, located $20 billion of those gold bars sitting at a Citibank bank account (see 
MARCELLUS/UTICA REGION: So…what’s happening with your electricity bill?; OTHER U.S. REGIONS: California geothermal lease sales net $117/acre; New York’s green energy fantasy continues; NATIONAL: US DOE earmarks $35 million to support emerging energy tech; Mitsubishi to double gas turbine production in response to data center demand; U.S. E&Ps tilt cash allocation to maintain solid balance sheets; ConocoPhillips is latest U.S. oil producer to announce major layoffs; INTERNATIONAL: Oil slides on OPEC+ output speculation; Russia’s natgas & coal exports decreasing, shifting toward Asia; Norway says pump it up on oil and gas for now.