November 18, 2025

Utica natural gas full cycle costs at Henry Hub (HH) equivalent range from a low of USD $3.65/Mcf for wells with an Initial Productivity (IP) greater than 18 MMcf/d to a high of USD $18.89/Mcf for wells with an IP of under 3 MMcf/d without taking into account liquids uplift. Average Operating costs are USD $1.08/Mcf while royalties & taxes and overhead are USD $0.49/Mcf. Since Utica is a liquids rich area, the liquids uplift is USD $1.53/Mcf. F&D costs range from USD $0.74-$9.18/Mcf and the 15% producer return ranges from USD $0.60-$7.41/Mcf. The assumed HH differential is USD $ 0.73/Mcf.