Ziff Energy is one of the largest and most respected oil and gas global consulting firms. They just issued a 7 page news release with great statistics, great charts and cartoons that outline very clearly how much money Canadian gas producers are losing for every mcf (million cubic feet of gas) they produce at these low prices.
While it is a Canadian story, much of the same data holds true in the US – except US gas does have a lower cost base, says Ziff.
(Though a couple research analysts from a prominent oil & gas securities firm in Calgary recently made a presentation in which they showed their analysis of financial statements of both US and Canadian gas producers - and there was almost no difference in costs.)
Here is the link to their release. I had to read it several times to take it all in: http://tinyurl.com/mphn2h