Alternatives
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January 1, 2019

E&P First Quarter 2019

Region Focus: Eagle Ford

After a sharp decline in crude prices and the stock market in general, the first quarter saw prices bounce back to finish about halfway between their Q4 peak and trough. Concerns about economic slowdowns increased in the fourth quarter, though these have subsided somewhat.  The Federal Reserve indicated in March that it would not raise rates for the rest of 2019, further easing concerns.  OPEC production declines helped ease supply and raise prices, though U.S. production has continued to grow.  Despite this domestic growth, investors have shown a preference for returns and capital discipline, not just surging growth.

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Just Released: Q4 2025 Oil & Gas Industry Newsletter
Just Released: Q3 2025 Oil & Gas Industry Newsletter

Region Focus: Haynesville Shale

Overall, the Appalachian basin enters late-2025 on firmer footing than a year ago, characterized by stable production, recovering equity performance, and improving infrastructure fundamentals. Continued progress on export capacity and incremental LNG demand should provide a constructive backdrop for basin economics heading into 2026.
EP Fourth Quarter 2025 Haynesville
E&P Fourth Quarter 2025

Region Focus: Hanyesville Shale

The Haynesville demonstrated resilient performance in 2025, with production growth outpacing peer basins despite pronounced month-to-month volatility. Output gains were supported by efficiency improvements and DUC drawdowns, even as rig activity, while rebounding meaningfully from interim lows, remained well below prior cycle peaks. Natural gas front-month futures pricing provided episodic support for activity, with seasonal demand and tightening balances driving a late-year rally after summer weakness.
Natural Gas Outlook: Producers Face A Familiar Disconnect In 2026
Natural Gas Outlook: Producers Face A Familiar Disconnect In 2026
Despite volatile prices and cautious sentiment, U.S. natural gas fundamentals are tightening as disciplined supply and structural demand reshape 2026.

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