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https://www.energyintel.com/
Rapid advances in drilling technologies are not only opening vast new unconventional reserves, but also allowing exploration and production firms to operate profitably at ever-lower prices. Not even a year and a half after Chesapeake Chief Executive Aubrey McClendon fretted about the need for a $9-$11/Mcf gas price range to ensure healthy rig counts and adequate natural gas production, analysts are scaling back both the number of rigs and the wellhead prices needed to produce ample supplies. Analysts at Raymond James recently noted that a combination of well high-grading, falling service costs and improved drilling techniques has driven the marginal cost of US gas production down 30%-50% over the past year, meaning a $5/Mcf price could produce internal rates of return of 60% in the liquids-heavy Eagle Ford play, 43% in the Marcellus, 37% in the Haynesville, and 14%-16% in the Barnett, Fayetteville and Woodford unconventional shale plays. Tom Haywood, Houston