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Natural Gas Producers Are Slashing Spending As Prices Stumble

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The natural gas market is currently experiencing low prices due to oversupply and reduced demand, prompting major drillers like Chesapeake Energy to reduce capital expenditures and build up inventories of drilled but uncompleted wells in anticipation of future demand increases.

“It was the best of times, it was the worst of times.” That line taken from the 1859, Dickensian novel, A Tale of Two Cities, fairly well describes the state in which we find the present-day natural gas market.

Other shale operators, and not just gas producers have moved to reduce spending. Notably, fellow Marcellus driller Antero Resources NYSEAR has put in place a 26% capex reduction that includes dropping one rig and one completion crew, with a plan to build DUCs, similar to Chesapeake’s. Another Marcellus driller, Range Resources NYSERRC has adopted a similar strategy of building DUC inventory, while maintaining operational efficiencies from experienced drill crews.

 

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