Most conversations and analyses around hydrocarbon prices tend to focus on crude oil, if for no other reason than the direct exposure we experience when filling up at the pump. After the commodity price crash in early 2020, which threatened the financial stability of U.S. E&Ps, a subsequent surge in oil prices drove a remarkable recovery, winning back investor confidence in the industry. Crude realizations have subsequently declined, slowly but steadily eroding producer results. Fortunately, the outlook for natural gas, which represents just under half the total output of our 38 U.S. E&Ps, has begun to brighten. In today’s RBN blog, we analyze Q4 2024 results for the major E&Ps we cover with a focus on the impact of rising natural gas prices.