Eagle Ford Adds Rigs for First Time in 2015
This week in the BHI land rig count drops a mere -0.7% or 6 rigs to bring to the count to 841 rigs compared to last weeks 847 rigs.
In a rare occurrence this year, the Eagle Ford has picked up +3 rigs or +2.9% to 108 rigs which was offset by the decline of -4 rigs in the Permian bringing that count to 233 rigs from last weeks 237 rigs. The activity this week has been in horizontal oilrigs with depths between 5,000 and 15,000 feet dropping -12 rigs while picking up +5 rigs with the depths of 15,000 or greater. The Mississippian has continued to dwindle dropping yet another rig bringing the count to 22 rigs for the week from last weeks 23 rigs.
Summary of Shale Plays
- Permian Basin -1.7% to 233 rigs compared to last week’s 237 rigs
- Eagle Ford +2.9% to 108 rigs from last week at 105 rigs
- Williston Basin -1.3% to 79 rigs from last week at 80 rigs
- Marcellus stayed flat at 66 rigs
- Mississippian -4.3% to 22 from last week’s 23 rigs
- DJ-Niobrara stayed flat at 30 rigs
- Utica stayed stayed flat at 25 rigs
- Cana Woodford stayed flat at 35 rigs
- Haynesville stayed flat at 27 rigs for the third week in a row
More Proppant, New Completion Designs, and Better Well Results
- Oasis Petroleum (NYSE: OAS) has drilled 23 gross operated wells in the first quarter out of the 79 they have estimated for 2015, while running 4 rigs in the core of the Bakken as of mid May. They have realized cost savings from their high intensity completion design which includes higher proppant volumes along with a greater number of stages.
- Sandridge Energy (NYSE: SD) is currently running 7 rigs verse the 35 in which they were running at the end of 2014. Sandridge reported their spud to rig release average cycle times were cut from 21 late last year to 14 this past quarter.
- Comstock (NYSE: CRK) has reported the first refrac of a producing well in Hayensville with production increasing 8x, this will be one of 14 that are planned for 2015. They are expecting to have production growth in the second quarter. The figure below shows Comstock’s new well design for the Haynesville.