Topic: Apache Corporation

DUCs Head North for Summer

Publicly traded E&Ps and service companies are entering a Q2 earnings season anticipating a slowdown across the unconventional plays. In Halliburton’s (NYSE: HAL) second quarter earnings call Dave Lesar said, ”rig count growth is showing signs of plateauing and customers are tapping the brakes.”  With oil prices under $50 per barrel and oil supply at record levels, expect a pullback in Permian, Eagle Ford, DJ-Niobrara, and Bakken drilling activity. The steady increase of horizontal drilling rigs and infrastructure needs in...

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Halcón Enters Southern Delaware Basin, Plans to Expand in Bakken

Halcón Resources Corporation (NYSE:HK) has announced agreements that will mark the company’s entry into the Southern Delaware Basin and released preliminary details on its planned activity for 2017, including expanded activity in the Williston Basin. New Deals Mark Halcón’s Entry Into Delaware Basin The company announced its entry into the Southern Delaware Basin through two key agreements:A purchase and sale agreement with a private operator to acquire 20,748 net acres in the Southern Delaware Basin (the "Pecos County Assets") for $705...

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Grady County (OK): Spotty Completion Activity with Permitting Holding Steady

Oklahoma currently holds the second largest concentration of rigs in the U.S. according to the BHI Land Rig Count. So where is the activity coming from? Grady county in the SCOOP has 14 completions since the start of the year. Permitting has fallen since commodity prices to a dive but they have recently leveled off going into 2016.  Drilling Activity Doesn't Equate to Well Completions In he first four months of 2016 there have been under 100 completions compared to over 750 during the...

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Reeves County: Permitting Cut in Half & Completions Continue to Fall

Activity has migrated into the Permian due to some of the lowest breakeven points in the industry but that doesn’t mean new drilling activity has held up. Reeves county has taken a hit with lower well completion activity, too, in this sub $50 commodity environment. Even with reported breakeven prices around $35 per barrel, operators continue to release rigs.Since the start of 2016 it has had 13 completions from operators like EOG Resources (NYSE: EOG), Pioneer Natural Resources (NYSE: PXD) and Apache (NYSE: APA), down...

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Permian Part 2 of 2: Top OFS Companies Lose Share of Midland Basin

As a follow-up from last weeks’ article on the Delaware Basin, this week we review the Midland basin to see how activity has declined and what counties, operators, and oilfield service companies are hanging in there. Operators in the Permian depend on the play for the best economics to produce in this low priced environment, moving away from other non-core areas.The Midland basin has seen a steeper drop in activity compared to the Delaware, showing a -65% decline in the number...

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Permian: Midland & Crockett are Top Counties for Drilling Permits

The week of July 17th drilling permit activity was down -34%, with 65 permits issued. The top counties were Midland and Crockett. Both counties had 0 permits issued the week prior. Rig activity in the Permian showed positive signs, with rigs increasing +3 this week.The chart below shows the decline in activity this year compared to the same week at this time last year, which had 235 permits during the week. Core Permian Counties The top 5 permitting counties from last week (2015-07-10), which include Reeves, Lea,...

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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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