Henry Hub Price Recovery: Is This Time Different?
Natural gas is trading above $3.00/MMBtu for the first time with any consistency since early 2023. The structural case is stronger than the last two false starts.
CIR Research Desk
The Utica Shale: Ohio's Oil Window Emerges
For most of the past decade, the Utica Shale has played second fiddle to its Appalachian neighbor, the Marcellus. The Marcellus — spanning Pennsylvania, West Virginia, and parts of New York and Ohio — established itself as the world's most productive natural gas basin, generating 35+ Bcf/d at its
Permian Production: When Does Growth Slow?
The Permian Basin has been producing oil faster than almost anyone predicted for the past decade. Total production from the basin — which spans the Midland and Delaware sub-basins across West Texas and southeastern New Mexico — surpassed 6 million barrels per day in 2024 and has continued pushing higher into
Q3 2025 Earnings Begins: First Read
Earnings season has arrived, and the upstream oil and gas sector is heading into Q3 2025 results carrying the weight of a complicated macro environment. West Texas Intermediate averaged roughly $72 per barrel during the quarter, down from $83 in Q3 2024 — a meaningful headwind for revenue lines. Henry Hub
Appalachia Gas: The Patient Trade
No basin in U.S. upstream has tested investor patience more thoroughly over the past three years than Appalachia. The Marcellus and Utica Shales of Pennsylvania, West Virginia, and Ohio contain some of the most prolific natural gas wells in the world — first-year production rates that dwarf those of
Minerals and Royalties: The Passive Income Play in Oil & Gas
In an industry defined by capital intensity, operational complexity, and commodity price volatility, mineral rights ownership stands apart as the most passive — and in many ways, most durable — way to participate in upstream oil and gas. Mineral owners don't drill wells, don't pay lease operating expenses,
The Haynesville Revival: LNG Changes Everything
The Haynesville Shale in northwest Louisiana and east Texas spent most of 2023 and 2024 in retreat. Natural gas prices collapsed, drilling budgets were slashed, and the rig count in the basin fell from a peak of roughly 70 rigs to the low 40s. The basin's high-pressure,