November 18, 2025

Marcellus Northeast natural gas full cycle costs at Henry Hub (HH) equivalent range from a low of USD $3.33/Mcf for wells with an Initial Productivity (IP) greater than 18 MMcf/d to a high of USD $14.19/Mcf for wells with an IP of under 3 MMcf/d. Marcellus NE produces mostly dry gas: liquids uplift is assumed to be zero. Average Operating costs are USD $1.13/Mcf while royalties & taxes and overhead are USD $0.52/Mcf. F&D costs range from USD $0.47 to $5.77/Mcf and the 15% producer return ranges from USD $0.49 to $6.04/Mcf. The assumed HH differential is USD $ 0.73/Mcf.