Why did natural gas prices in the Permian Basin turn negative for a record 131 days, according to Ovintiv's CEO?

Natural gas prices in the Permian Basin turned negative for a record 131 days because drillers extracted so much gas that it exceeded available pipeline capacity to transport the fuel to customers or Gulf Coast export terminals, forcing sellers to pay buyers to take the gas—highlighting a critical infrastructure bottleneck.

What solution does Ovintiv CEO Brendan McCracken propose to address the negative gas price problem in the Permian?

Ovintiv CEO Brendan McCracken proposes streamlining federal permitting for pipelines and other energy infrastructure to connect abundant domestic resources to markets, citing the recent positive price shift at the Waha hub following a pipeline expansion—and noting that new state-regulated intrastate pipelines in Texas are easier to build and will further aid recovery.

Subzero Natural Gas Prices Show Need for Energy Permit Reform, Shale CEO Says

Jun 24, 2026

Ovintiv CEO urges US energy permit reform after record negative natural gas prices in the Permian Basin exposed severe pipeline capacity constraints. Recent pipeline expansions have stabilized prices, but industry leaders warn of lost investment without further infrastructure development.

bloomberg

2026-06-24

Subzero Natural Gas Prices Show Need for Energy Permit Reform, Shale CEO Says

Subzero Natural Gas Prices Show Need for Energy Permit Reform, Shale CEO Says

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