Measured Depth

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

How the growing Southeast ended up with only one pipeline (and a constrained one at that)

Bad luck, competition, and the growing importance of existing right-of-way

Feb 17

6

1

New Northeast takeaway capacity is coming next year

Transco's Southeast Supply Enhancement likely to unconstrain Station 165 while re-constraining Station 195

Feb 10 • Amber McCullagh

12

Pipe scrapes can't tell you how much Permian gas froze off

Three reasons scrape-based production models break down during market disruptions

Feb 3 • Amber McCullagh

14

2

January 2026

Who holds US LNG options, and who cashed them in?

Cheniere, Shell likely turned options into tens of millions, while Venture Global made only small cuts

Jan 27 • Amber McCullagh

18

4