March 2025 Secretary Update

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March 2025 Secretary Update

March 7, 2025 

March 2025 Secretary Update

My grandmother used to say, “March comes in like a lion and goes out like a lamb”. And while I have many fond memories of my grandmother, I would like to shift focus to my work family. Today is March 7 and as such is Employee Appreciation Day. On this Employee Appreciation Day, I want to take a moment to acknowledge and celebrate the incredible efforts of my team here at IDL. Your commitment to excellence is not just seen in your results but felt across the entire organization. Thank you for being a shining example of dedication and hard work.

Shannon Chollett

Current Items:

• May Commission Meeting Rescheduled 
• IDAPA 20.07.02 Rulemaking Update
• Field Status / Injection Well Update
• News Article(s) of Interest
• Current Prices

May Commission Meeting Rescheduled 

The regular Commission meeting in May is being rescheduled to Wednesday, May 14, 2025. More information will be available on the Commission Meetings webpage.

IDAPA 20.07.02 Rulemaking Update

The Department presented the Pending Rule for IDAPA 20.07.02 to the Senate Resources & Environment Committee Wednesday, February 26th.  Docket 20-0702-2401 was approved unanimously by the committee.  On March 3rd, the Department presented the Pending Rule to the House Resources & Conservation Committee.  After questions from several representatives on the revisions to noticing requirements for seismic operations under 100.04, the Committee approved the Docket on an 11 to 4 vote.  Both dockets will now move to the House and Senate floors for a full vote.

Field Status / Injection Well Update

The January 2025 monthly oil & gas production and sales reports have been submitted by Snake River.  Production averaged 9.9 MMCFGD in January (8 wells producing) versus 5.9 MMCFGD in December (5 wells producing).  December, January and February historically generate higher severance tax revenue to the state due to increased production to take advantage of higher product pricing.

Snake River Oil & Gas reports that conversion of the DJS #2-14 well to a Class II injection well remains on hold pending improved gas prices.

New Article(s) of Interest

February 27, 2025: Biden-era natural gas tax faces repeal after US House vote

February 28, 2025: Canada, US rig counts increase

March 6, 2025: US crude inventories rise week-over-week

Current Prices

NW Natural Gas (EIA)      $2.10 / million Btu     3/6/2025    

(13.6% / $0.33 decrease since previous month)

NGL (EIA)              $7.28 / million Btu 12/31/2024

(2.6% / $0.19 increase since previous month)

WTI                       $66.58 / bbl    3/6/2025 

(6.7% / $4.81 decrease since previous month)