SHALE [data]: Quantifying Shale Gas Downside

Shale gas rigs and frac crews in the Haynesville and Appalachia comprise 20-25% of our estimated Lower 48 drilling & completions activity, and other more oily basins have gassy windows where wells rely on natural gas economics. HHUB spot prices are down 65% since September. Now wat? Our data and channel checks suggest…