Haynesville at the Crossroads: Weighing Gulf Coast Access Against Inventory Quality

Choosing where to drill for gas comes down to two things: how good the inventory is and how easily the gas reaches buyers. On one hand, the Haynesville trails other gas plays on inventory quality. On the other, it sits close to the Gulf Coast, where much of the new LNG demand is landing.

According to Enverus Intelligence® Research estimates, with gas below $3, the Haynesville has roughly 12 years of inventory that breaks even under that price. The Western Haynesville is an emerging area, with early wells producing more gas in year one than legacy wells.

Five or six operators account for over 50% of production, but a long tail of smaller operators has been increasing activity anyway. If you run a smaller operation, you’re weighing whether Gulf access justifies drilling here.

Lauren Van Der Wissel (Enverus Intelligence^® | Research) and Kadira Singh (Technical Advisor) walked through that tradeoff in our Basin Insights webinar. Here are the four takeaways you should know:

• Weaker inventory, but closer to LNG demand
• Smaller operators ramped up rigs below $3
• Western Haynesville wells started strong, but recent results are weaker
• Ranking remaining inventory by breakeven and NPV beats blanket acreage assumptions

Proximity to LNG Demand Offsets Weaker Inventory

Lauren’s opening chart plots years of remaining inventory across the major gas plays, colored by PV10 breakeven.* Most of the Haynesville’s remaining inventory sits in the south, where it overlaps the Middle Bossier. The Marcellus and Utica rank ahead of the Haynesville on inventory quality, but those producers have historically been egress constrained and struggle to move gas to the Gulf Coast, where LNG demand is high. The Haynesville sits beside that demand, which gives it a unique advantage over other higher-quality plays. *(Breakevens are PV10 half-cycle.)

Smaller Operators Keep Adding Rigs Below $3

Despite gas below $3 and weaker inventory than the Marcellus and Utica, smaller operators have been increasing activity. One operator, Apex, has ramped to as many as 14 rigs since Q1 2025, mostly in Texas, and is now down to 10. Lauren pointed to LNG contracts, potential economic improvements, and investment decisions made when prices were higher as reasons rigs across the Haynesville have climbed. The question is whether their inventory can sustain that pace.

Western Haynesville: Strong Early Results, Weaker Recent Results

Western Haynesville wells drilled in 2022 produced more gas in year one than legacy Haynesville wells, but results vary by county and depth. Recent results are weaker, with early Robertson County wells outperforming more recent Leon County wells. Operators also choke wells differently, with Comstock showing sharper declines and Aethon, now Mitsubishi’s Adamas, a flatter profile. Higher-horsepower rigs and longer laterals, nearing two miles, have pushed drilling efficiency up year over year from 2022 to 2025, to about 600 feet per day.

Rank Remaining Inventory by Breakeven and NPV

In PRISM, rigs, forecasts, economics, geoscience, and inventory sit in one workflow, so analysts skip the hand-offs to PowerPoint and ArcGIS. Kadira showed how Placed Wells Intelligence gives you an analyst-placed, well-level view of remaining inventory, built on each operator’s historical spacing. You rank wells by breakeven and NPV instead of relying on blanket acreage assumptions. Enverus ONE, a separate subscription, takes those placed wells through a 13-step Inventory Evaluation workflow to cash flow, NPV, and IRR, with 20+ inputs you can adjust and rerun.

See the Full Picture

The inventory chart behind this tension and the live product demo are in the full replay.