The Independent Fiscal Office released the 2024 fourth quarter Natural Gas Production Report. Total new wells drilled in Pennsylvania in 2024 was 310, down 111 from 2023 and was the lowest annual amount since 2008. The top counties with new wells were Susquehanna, Greene, Bradford, Washington, and Lycoming. 

The average Pennsylvania spot hub price was $2.01, up 19.1% from the prior year, and the Henry Hub was $2.13. The Henry Hub for 2024 averaged just below $2.25, which is the cutoff for the lowest impact fee schedule. If the average Henry Hub price had been higher than $2.25 for the year, then the total impact fee collections for 2024 would have been roughly $30 million higher. Click here for the report.