The $COG Marcellus gift that keeps on giving to $CTRA. Enverus analysis out today, revising EURs down for the majority of $CTRA remaining Upper Marcellus locations. On 60% of remaining Upper Marcellus locations, they reduce EURs from 1.7 bcf/1000’ to now 1.3 bcf/1000’. This increases the breakeven from $2.50 to now $3.05/mcf (uneconomic at spot prices). As a reminder of what $CTRA thought they were buying, historical Lower Marcellus wells were 3.0 bcf/1000’ and under $1.75/mcf breakevens. Best in the country. Now, the largest source of inventory in the $CTRA Marcellus program has economics similar to the Barnett. CTRA still trying to sell investors the story the Upper Marcellus is “70-80% that of the Lower Marcellus”. It looks like it’s closer to 40% (as compared to their 2010-2020 Lower Marcellus program). Due to a depleted lower Marcellus inventory (75% fewer wells than what they told investors they were buying), $CTRA Marcellus program is now 50% Upper Marcellus (at these reduced EURs) and rising, up from 10% at the time of the deal. Think there’s a chance the $XEC Permian asset could have some upside from deeper targets to claw some of this back, but giving 50% of the company away to $COG shareholders will go down as one of the more foolish deals in the shale era given how obvious this all was pre-deal.