11 Rigs Idled While E&Ps Talk Uncompleted Wells
After a fairly steady week for the commodity markets, the BHI land rig count dropped -11 rigs or -1.3% to 843 rigs from last weeks 854.
The Eagle Ford felt the biggest impact this week dropping -5 rigs to 105 rigs from last week’s 510 rigs, all of which were horizontal. Cana Woodford continued to release rigs falling -3 rigs to bring the count to 35 from last weeks 38 rigs. The Permian dropped -2 gas rigs while adding just +1 oil rig for the week, with the Marcellus and Utica both dropping -1 gas rig as well.
Summary of Shale Plays
- Permian Basin -0.4% to 237 rigs compared to last week’s 238 rigs
- Eagle Ford -4.5% to 105 rigs from last week at 110 rigs
- Williston Basin stayed flat at 80 rigs
- Marcellus -1.5% to 66 from last week’s 67 rigs
- Mississippian -8.0% to 23 from last week’s 25 rigs
- DJ-Niobrara +3.4% to 30 from last week’s 29 rigs
- Utica stayed -3.8% to 25 from last week’s 26 rigs
- Cana Woodford -7.9% to 35 rigs from 38 rigs the previous week
- Haynesville stayed flat at 27 rigs
E&Ps Talk Uncompleted Wells (a.k.a. Fracklog)
Since the beginning of the year, the so-called fracklog of uncompleted wells has continued to build from Texas to North Dakota. A few E&Ps revealed more information on their backlog of uncompleted wells and possible ongoing plans for 2015:
- Continental Resources (NYSE: CLR) is planning to keep 10 drilling rigs as well as 3 completion crews in the Bakken for the remainder of the year.
- Apache (NYSE: APA) entered 2015 with 207 uncompleted wells of which 80% were horizontal, and are expecting to end 2015 with 80-100 uncompleted wells, assuming they do not add any rigs in the second half of the year.
- During the first quarter, Callon Petroleum (NYSE: CPE) has drilled 7.8 net wells along with the completion of 8.1 net wells while operating 3 rigs.