August 2, 2021

Utica West full-cycle costs at Henry Hub range from a low of 3.30 USD/Mcf for wells with an Initial Productivity (IP) greater than 18 MMcf/d to a high of 15 USD/Mcf for wells with an IP of under 3 MMcf/d. To help offset some of the full-cycle costs, there is significant liquids uplift providing 1.95-1.63 USD/Mcf in revenue at IP’s greater than 18 to under 3 MMcf/d.

Operating costs range from 1.14-1.36 USD/Mcf  while royalties & taxes and overhead represent about 0.45 USD/Mcf. F&D costs range from 0.31-4.41 USD/MMcf and the 15% producer return ranges from 0.46-6.65 USD/MMcf. The Henry Hub differential is 0.84 Mcf/d.