oilfield insights

Noble Energy Acquires Rosetta Resources for $2.1B

The focus this week has been around the ice breaking transaction between Rosetta Resources (NASDAQ: ROSE) and Noble Energy (NYSE: NBL), with Noble acquiring Rosetta in an all-stock transaction valued at $2.1 billion. The current conditions have created uncertainty within operators that are leveraged, especially those that were positioned for a much higher commodity price environment. In Rosetta’s case, the deal was based off of net debt of $1.8 billion. Some analyst are expressing that this could be the deal...

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Permian Focus: Drilling Permits Down in Permian From Last Week

Permit activity in the Permian Basin has felt a steep decline since October 2014, correlating to the decline of completion and rig activity in the area. This past week, there were a total of 89 permits in the Permian, with 57 of them being horizontal and 27 of them being vertical (down from this past week's 107 permits). Upton County continues permit activity, as it is the top county for the week, up +6 from last week's 12 permits. Most Active Permian...

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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...

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WTI Closes at $59.15 and Only 26 Rigs Idled

As the first quarter of 2015 comes to an end, WTI closed at $59.15 and the BHI land rig count dropped -26 rigs or -2.9% compared to last week.The Permian and Eagle Ford dropped a combined -13 rigs this week to land at 348 rigs which is -52.3% since the start of 2015. The Williston basin has added +1 rig to the count this week to end at 80 rigs. Gas rigs have started a slight decline after a few...

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+2.9% Increase in Gas Plays Rig Count

The BHI land rig count has slowed in the decline to only releasing -21 rigs or 2.3% compared to last week. Of the -21 rigs dropped, 20 are oil horizontal rigs. Gas plays have improved, increasing by 6 rigs compared to last week, with the addition of 2 rigs in the Haynesville play. Top losses originate from Texas, Oklahoma, and North Dakota, dropping 4.4% of their rigs compared to last week, all of which are oil rigs.Summary of PlaysPermian Basin...

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WTI Closes at $56 and Key Shale Production Declines

The Baker Hughes US Land Rig Count declined to 904 down -3.5% this week. WTI closed at $56.37 per barrel. Here's a summary chart for the week:Summary of Shale Play Rig CountsPermian Basin -2.3% to 258 rigs compared to last week’s 264 rigs Eagle Ford -1.6% to 123 rigs from last week at 125 rigs Williston Basin -5.6% to 84 from last week’s 89 rigs Marcellus -1.4% to 69 from last week's 70 rigs Mississippian -22.5% to 31 from last week's 40 rigs DJ-Niobrara stayed flat this week at 28 rigs Utica -7.1% to 26 rigs compared to...

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42 Rigs Released, US Land Rig Count Down -4.9%

The Baker Hughes US Land Rig Count declined to 937 down -4.3% this week. WTI ended this week at $51.64 per barrel. Here's a summary chart for the week:Summary of Shale Play Rig CountsPermian Basin -7.4% to 264 rigs compared to last week’s 285 rigs Eagle Ford -8.8% to 125 rigs from last week at 137 rigs Williston Basin -2.2% to 89 from last week’s 91 rigs Marcellus stayed flat this week at 70 rigs Mississippian stayed flat this week at 40 rigs DJ-Niobrara -6.7% to 28 rigs compared to 30 rigs last week Utica -3.4% to...

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Rig Count Trends for 2015

As the Baker Hughes (NYSE: BHI) rig count continues its downward trend from the end of 2014, we look forward to the activity in 2015. Many operators are continuing to prepare for the worst in 2015 and many are front-loading activity to the first quarter of 2015 and dropping rig counts lower as the year progresses if oil prices don’t improve. Eagle Ford According to the BHI historical rig count, activity has declined 32% from the start of 2015, bringing the count...

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