Why standalone gas profitability is rarely the right question
Gas is not always produced as a standalone profit pool. In many U.S. basins, production is supported by broader well economics: oil-led associated gas, NGL / condensate uplift, legacy contracts, lease obligations, take-or-pay midstream commitments, low cash costs on existing wells, and sunk capital. The real question is not whether gas pays for itself, but what keeps production economically viable.
Source: Incorrys, North American Natural Gas Full Cycle Cost, Apr 2025; EIA Henry Hub 2025 average.
Note: Clean gas-only FCC is estimated from Incorrys basin benchmarks by removing NGL uplift and other non-gas credits. Basin locations are schematic. Henry Hub shown as $/Mcf equivalent. Realized prices are typically below Henry Hub after basis and transport deductions.