How much did they sell the damn gas for?
After expenses how much did they net per mcf?
All other numbers are meaningless in a business context.
Note: These people are supposed to be running businesses.
Leidy hub has been south of $1.
Differential 1 year ago was approx $1.40. More recently that has shrunk to ~.90, so a move of about 50c in the right direction. Large move from a % perspective.
Recently, Leidy has been closer to $1.50, I have heard even $1.75. With nat gas commodity continuing higher AND differential shrinking, this is a potentially GOOD THING> however, need to see if it stays here/moves higher, or retreats. The retreat is no new rigs. However, if we can hang north of $1.50, and get back above $2 in 2017 on the Leidy hub, you will slowly see activity come back up.
It takes time. Nothing easy. Bottom line, both nat gas commodity, and Leidy hub are moving higher, AND the differential is forecasted to continue to shrink over the next 2 years. All supportive of more drilling activity SLOWLY coming back, and higher royalty checks.
Its far from perfect, we all know this.
My point about JKLM, and the Northern Utica, is that this Sweden Valley pad opens up a huge part of the map for Utica exploration. This is much bigger than what the Synnevedst did for the Northern boundary of the play. This is a massive positive for Potter Ct, PA, for JKLM, and for the mineral owners. Yet it continues to get no local press, no press in PA, no press in the Marcellus/Utica rags, no domestic press, and zero international press. Head-scratcher for sure!