On August 20, the Independent Fiscal Office issued its second quarter report on natural gas production in Pennsylvania showing a 2.8 percent increase over last year, but the lowest rate of growth in over three years and a decline from the first quarter.

Production was 1,717 billion cubic feet in the second quarter and 1,775 billion cubic feet in the first quarter.

The IFO said the continued slowdown in production has likely resulted from the combination of a persistently low-price environment and impacts from the COVID-19 pandemic on the demand for natural gas.

There was a 31.1 percent drop in the number of new wells coming into production in the second quarter-- 113, down 51 wells from the same period last year, the fifth consecutive quarter showing a decline in the year-over-year number of new wells.

It is also the lowest number of new wells in a quarter since the second quarter of 2016.

Click Here for a copy of the entire report.

NewsClip:

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[Posted: August 21, 2020]

8/24/2020