oilfield insights

U.S. Land Rigs Drop to 834

The BHI land rig count dropped -10 rigs (or -1.2%) to 834 rigs from last week's 844. The WTI crude oil price closed last week at about $60 per barrel. Oil-directed rigs dropped -12 rigs (or -1.9%) to 619 from last week's 631. Compared to this time last year, oil-directed rigs are down -58%.Summary of Shale PlaysPermian Basin -0.4% to 232 rigs, compared to last week’s 233 rigs Eagle Ford +2.8% to 110 rigs, from last week's 107 rigs Williston Basin -1.3% to...

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Weekly Permits: Weld County, CO is Focus for Niobrara Operators

Permit activity in DJ-Niobrara dropped off -24.24% from the prior week to 25 permits for the week of 2015-05-18 – 2015-05-24, compared to prior week's 33 permits. The heaviest activity was in Weld County, CO where 24 of the 25 permits were obtained compared to 33 for the prior week. The 24 permits were made up of 16 horizontal, 1 directional, and 7 unknown. The horizontal permits declined -45% from the prior week. Adams County, CO had +1 permit this week, secured by Ward...

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Less Volatility and +0.4% More Rigs This Week

The Baker Hughes (BHI) US land rig count improved this week by adding 3 rigs, bringing the count to 844 rigs from last week's 841 rigs (a 0.4% increase). For the week, -2 horizontal rigs were dropped while +4 vertical rigs and +1 directional rig were added. Fayetteville saw the most action, adding +2 rigs and bringing the count to 8 rigs from last week's 6 rigs. There was also activity in the miscellaneous category adding +6 rigs, half of which were horizontal and...

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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...

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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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