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Measured Depth

Amber McCullagh

A Substack providing independent, data-driven analysis of North American natural gas markets

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Issues47Foundeda year agoLast Issue8 days ago
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Latest Issues

Twin Eagle gives Expand the scale to profit from gas volatility

But capturing that upside takes more risk appetite than the company has yet shown

In Expand’s 4Q25 earnings call, Chairman and interim CEO Mike Wichterich made headlines calling for a $0.20/MMBtu uplift in the company’s realized prices, eq...

8 days ago
9
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The credible gas-bull case

Chronometer’s Matthew Smith argued on last week’s Invest Like the Best (and accompanying whitepaper) that accelerating US LNG exports and datacenter buildout could cause gas prices to “double or triple structurally,” kicking off a fresh rou...

15 days ago
15

Who's driving US gas growth? Increasingly, companies that won't tell you

A rig- and frac-based approach to projecting where production is headed

US dry gas production surged 2.6 Bcfd between September 2025 and April 2026, the most recent month of reported EIA data. The biggest driver of growth over this period...

22 days ago
8
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New England should want more LNG, not pipeline expansions

A 365-day solution is too expensive for a 25-day problem

Every winter, high natural gas prices in New England become a favorite industry talking point: how bananas it is that people so close to prolific Appalachian gas supplies pay some of...

a month ago
13
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Measured Depth at mid-year

Happy (belated) 4th of July to all who celebrate! In honor of the long weekend and America’s 250th birthday — which I’m celebrating with my family in a national park — I wanted to step back from power generation and Permian production forec...

a month ago
14

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