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Oil Producers Sell US Gas at Multi-Year Lows: Argus

NATGAS

Large crude oil producers in Q2 sold their natural gas output at the lowest prices in years due to pipeline bottlenecks in the Permian basin, Argus said.

  • Chevron, which reported 2.6 bcf/d of US gas output in Q2, posted average realised 73 cents/MMBtu, the lowest for any major oil producer since Q1 2020.
  • Exxon’s average realised sales were $1/MMBtu for its 2.9 bcf/d of US gas in Q2, compared to $1.40/MMBtu in Q2 2023.
  • EOG resources saw a Q2 realised price of $1.51/MMBtu for 1/7 bcf/d of gas output.
  • ConocoPhillips realised 31 cents/MMBtu for its 1.6 bcf/d.

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