Measured Depth

Range Resources: Great rocks, no good options to bulk up

Why scale matters in Appalachia, and why Range's best path probably runs through EQT or Expand

May 5 • Amber McCullagh

10

2

April 2026

Not as loose as it looks

How the record 2026 solar buildout is biasing the weekly supply-demand balance — and how that effect will change through the year

Apr 28 • Amber McCullagh

9

The weekly supply-demand balance's blind spot

Rising gas-fired generation is breaking backward-looking models

Apr 21

10

The coming intra-Appalachia price disconnect

New Ohio demand sources gas downstream of existing constraints, creating intra-basin opportunity

Apr 14 • Amber McCullagh

12

Collars aren't costless

In a right-skewed gas market, selling calls gives away too much value

Apr 7 • Amber McCullagh

15

March 2026

The five most interesting things from 4Q earnings season

Why Houston is like Los Angeles, why I don't see $0.20 in marketing for Expand, the coming Ohio gas shortfall, and more

Mar 31 • Amber McCullagh

11

Was I wrong to be bearish on US LNG?

Reassessing US LNG in light of the war in Iran

Mar 24 • Amber McCullagh

12

Four Northeast pipelines, four related challenges

Why filling spare western Appalachia takeaway is a multi-year story

Mar 17 • Amber McCullagh

10

All these Permian pipelines are not going to fill with associated gas

The Permian is either going to become a gas play or be overbuilt

Mar 10

12

How much can Northeast gas production grow?

Rising demand and underutilized takeaway point to 4 Bcfd of growth over the next five years

Mar 3 • Amber McCullagh

12

February 2026

Is power load growth stalling?

What weather-normalized EIA 930 data suggests about recent power trends

Feb 24 • Amber McCullagh

10

2

Launching paid subscriptions March 1

I've spent the last four months building Measured Depth into something I'm proud of.

Feb 19 • Amber McCullagh

15

1