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Last weeks 80 Bcf draw in working natural gas inventory has it down at 1,760 Bcf on February 28 (Figure 9, red line). Oil demand and activity rebounding had the count back up to 627 as year 2022 ended. Lower-48-state natural gas production reached 107 Bcf per day (Bcf/d) at the end of 2019 (Figure 12, green dot).
Aethon gets additional gathering and processing capacity to bolt onto its midstream assets in the basin and a production boost to an already compelling growth story as the company is now ~3x or ~2 Bcf/d higher than its 2020 exit rate. In these five counties, the rig count is now only approximately fifteen rigs below the 2022 highs.
Permian Basin production has grown dramatically, surpassing 10 billion cubic feet per day (Bcf/d) in 2018 and more than doubling to 21 Bcf/d by 2022, according to the U.S. Bcf/d of natural gas from the Permian to Katy, Texas. Bcf/d of capacity, and East Daley predicts it will be full by mid-2025.
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