November 18, 2025

Marcellus SW natural gas full cycle costs at Henry Hub (HH) equivalent range from a low of USD $4.43/Mcf for wells with an Initial Productivity (IP) greater than 18 MMcf/d to a high of USD $15.33/Mcf for wells with an IP of under 3 MMcf/d without taking into account liquids uplift. Average Operating costs are USD $2.09/Mcf while royalties & taxes and overhead are USD $0.65/Mcf. F&D costs range from USD $0.45 to $5.56/Mcf and the 15% producer return ranges from USD $0.51 to $6.31/Mcf. The assumed HH differential is USD $ 0.73/Mcf.