CNX may be curtailing dry natural gas production in the Southwestern Pennsylvania subregion. The producer has seen their production drop by around 130 MMcf/d since July 31, 2024.
Although CNX stated on their Q2 2024 earnings call that they didn’t plan on curtailing any natural gas production, the company does appear to be curtailing some production during the month of August.
EQT
EQT is another Northeast natural gas producer that appears to be curtailing dry natural gas production in the Southwestern Pennsylvania subregion. The company’s production is down approximately 300 MMcf/d since the beginning of August.
EQT did state on their Q2 2024 earnings report that they were looking to curtail or shut-in a total of 90 Bcf during the second half of 2024.
Frac Crews & Rigs
Lower 48 frac crews and rigs remain down on a year-to-date basis.
Frac service and drilling rig providers such as Liberty Energy and Halliburton expect frac crew and rig activity to increase significantly in Q4 2024 and into Q1 2025, barring any major freeze-off events. Significantly higher future delivery prices for natural gas is one of the main reasons cited for an expected increase in frac and rig activity later this year and into early 2025.
