Topic: Cana-Woodford Shale

New Well Highlights from Bone Spring, Haynesville, & Eagle Ford

EOG Resources fracs Bone Spring well in Permian (2018-10-13) EOG Resources completed an extended-lateral well in Lea County, New Mexico.The Dragon 36 State #302H flowed 11,180 bbl of oil and 1,638 MMcf of gas, producing x monthly boe. It was drilled to a vertical depth of 10,257 ft with a measured depth of 15,200 ft. EOG Resources reported flowing tubing pressures of 411 PSI, a 1 inch choke size and a gas-oil ratio of 147 Mcf/bbl. Sabine Oil and Gas Completes 2-mile...

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Newfield Exploration Leads Kingfisher County in 2016 with 10,000 Foot Laterals

Kingfisher county, located in the STACK, is among the most active counties in Oklahoma having 163 new completions since the start of 2016. Within the last year some of the most active operators have been Alta Mesa Holdings, Newfield Exploration and Chesapeake Energy. Alta Mesa has completed 46 wells and fracked 57 wells compared to Newfield who had 36 completions and fracking 44 wells. The county used a total of 770,000 tons of raw sand with 230 tons of resin...

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Proppant Insights: Decoupling of Supply Chain Continues

The volatility during the quarter caused more uncertainty in the industry, even though oil stabilized near $40 at the end of Q1’16, Many now believe that “the bottom” was reached earlier this year. In-basin Delivery Becomes Vital The logistics of getting to the wellsite are challenging to say the least. The last mile trucking from terminal to well site is critical, especially in today’s market. Numerous frac sand suppliers and chemical supplier relayed stories of E&P’s expecting in-basin delivery of supplies in...

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Devon Energy Actively Manages $976M in Debt and Continues Refrac Program

Devon Energy (NYSE: DVN) cut their budget by 75%, forecasting a 10% decline in oil production on a quarter to quarter basis from 2015 to 2016. Devon continues to manage their debt by putting assets up for sale and raising equity to cover the $976 million in debt they have in 2016. Committed to the Stack in 2016 In 2016 Devon will be running 4 rigs in the Stack with a focus in Meramec. The company is testing down spacing and staggering to...

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Horizontal Rigs Decline -2.9%

The total US Land Rig count was down -23, -2.9% last week with -18 horizontal rigs released. The horizontal rig count dropped to 598, -55% change compared October 2014.More discussions this week about the fall redetermination period. Each spring and fall, banks that lend to oil and gas companies do what's called a "redetermination." The banks calculate how much oil & gas companies can borrow based on reserves, commodity prices, and what the company has hedged.The redetermination conversations will be less about...

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BHI Land Rig Count Climbs +2.1%, Adding +17 Oil Rigs

WTI crude continued its slump in July, entering the month at $56.96 and hovering just above $48 today. In a change of pace this week, the BHI land rig count jumped +2.1% to 830 rigs, from the past week's 813 rigs.Image Source: Bloomberg.com Oil rigs were the driving factor this week, adding +17 rigs, while gas rigs stayed flat at 206 rigs. Operators are expected to react to the recent price slump in their Q2 earnings reports and meetings over the next...

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Oil Rigs Fall -0.8% After 2 Weeks of Improvement 

The BHI land rig count decreased -0.5% to 813, with oil rigs dropping -5 and gas rigs improving by +1 over the previous week. The Permian continues to improve, adding +3 rigs for the week, bringing the count to 242. Granite Wash added +2 oil rigs after 2 weeks of holding steady at 15 rigs. In the Eagle Ford, rig activity continued to decline this month, releasing -4 rigs this week (or -3,9%), after having a strong first week in July. Gas...

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Horizontal Rigs Stay Flat While Vertical Rigs Drop -10.1%

The BHI land rig count declined -0.8% to 827 rigs from last week's 834. The decline this week stems from the vertical rig count, which dropped 11 rigs or -10.1% from last week's 109 rigs. The horizontal rig count stayed flat at 666 rigs and the directional rig count jumped +4 rigs to 63 from last week's 59. The Eagle Ford sank this week by -7 rigs, 4 of which were oil rigs and 3 were gas. Basins with one...

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