Moncrief Drills Deepest U.S. Natural Gas Well in Decade

Moncrief completed the Highlander 2 well at 30,862 feet in southern Louisiana after 389 days of drilling. The well intersects an 800-foot-thick sand zone containing trillions of cubic feet of natural gas. The company spent $300 million on the project. It now seeks partners to fund roughly $2 billion more for pipeline connections, a processing plant, and up to five additional wells.

Moncrief heads Montex Drilling Company, which owns Moncrief Oil. After both her father and grandfather died in 2021, an uncle attempted to remove her from leadership and objected to a woman running the business. Moncrief prevailed in one court case, though litigation continues. The company is owned by three trusts representing descendants of the founder.

The predecessor Highlander well was destroyed by water infiltration in January 2023. Insurance coverage of $300 million will fund the replacement well. Earlier attempts in the same area, including the Davy Jones well, were abandoned after mechanical failures at extreme depths and temperatures.

She intends to sell gas to liquefied natural gas export terminals along the Gulf Coast. The company rents the rig for $300,000 per day and staffs it with 60 workers on rotating 14-day shifts.