Chris Faulkner is CEO of Breitling Energy, an independent exploration and production firm based in Dallas. This is Faulkner’s seventh trip to NAPE. The price of natural gas has plunged since he first attended the expo, but he says there’s still money to be made.
“Since 2008, technology has pushed our ability to drill for natural gas at a much cheaper cost. So while it’s still expensive to drill, we can still make money now at $4 and $5 [per 1,000 cubic feet of] gas, whereas before it was $6 and $7 gas to break even.”
Faulkner says that liquids — in other words, crude oil — remain a much more attractive draw, with the price of a barrel trading in the high-$90 range. More than four times as many active rigs in the U.S. are drilling for oil compared to gas.