Marcellus & Utica Producer Break-Even Analysis

Key Finding: All 15 Appalachian operators break even below Dom South ($2.72/MMBtu). Five operators — EOG (-$5.26), INR (-$3.46), Antero (-$0.98), Range (-$0.81), and Ascent (-$0.01) — have negative break-evens, meaning NGL and oil credits fully offset their gas production costs. With WTI at $106/bbl (+21% vs prior), condensate and NGL credits have expanded significantly, compressing break-evens across the board. The Marcellus vol-weighted break-even is $0.66/MMBtu ($2.06 margin) while the Utica sits at -$0.87/MMBtu ($3.59 margin), driven by EOG's and INR's heavy liquids uplift.

Read the full analysis on the dashboard.

As usual, contact support@synmax.com with questions.