Central Penn Business Journal, Feb 26
Pennsylvania’s Marcellus Shale natural-gas production exceeded 2 trillion cubic feet in 2012, twice the level of 2011, according to data collected by the state Department of Environmental Protection.
Wells produced just under 1.15 trillion cubic feet of gas from July through December, according to production data posted last week on DEP’s oil and gas reporting website.
That combines with 895 million cubic feet produced in the first six months of the year for a total of nearly 2.05 trillion cubic feet for all of 2012. Drillers extracted 1.06 trillion cubic feet of gas in 2011.
The production ramp-up has contributed to low natural-gas prices and comes despite a declining rig count. Average wholesale natural-gas prices fell 31 percent in 2012, according to the U.S. Energy Information Administration, while Pennsylvania’s rig count stands at 72, down from 105 in the same week last year, according to energy services company Baker Hughes.