Topic: Granite Wash Shale

New Well Highlights from Permian, Williston, Eagle Ford, and Haynesville

Shell completes 2 mile lateral in Permian (2019-01-31)Shell reported the completion of a new well on an 855 acre lease in Loving county, Texas.The Medora 29 LOV Unit 0805 1H was drilled to a vertical depth of 11,849 ft and a measured depth of 22,664 ft. It flowed 1,670 bbl of oil and 2,336 MMcf of gas over a 24 hour period  for a gas-oil ratio of 1398 February 7. Hydraulic fracturing and proppant is supplied by Keane with FTSI provided acid.Equinor Energy in Williston...

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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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Land Rig Count Drops to 1599 as WTI Crude Increases to $48.45

US Land Rigs dropped -4.4% this week to 1599 from 1673, as reported in the weekly Baker Hughes Rig Count. The horizontal rig count dropped to 1247, a -3.6% decline in activity. WTI Crude edged up to $48.45. Top 3 Shale Plays Drop 33 Rigs Permian Basin is -15 compared to previous week and +9 compared to last year at this time. 30% of the US land rigs operate in the Permian Basin. Horizontal drilling activity remains strong with over 69% of the rigs drilling (see...

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Permian down 28 Rigs, US Land Rigs Drop to 1673

According to the Baker Hughes Rig Count, US Land Rigs declined -3.6% this week to 1673 from 1735.  The horizontal drilling activity is 77% of the total rig count. Permian Drops 28 Rigs Permian Basin is -28 compared to previous week and +63 compared to last year at this time. 30% of the US land rigs operate in the Permian Basin. Eagle Ford declined 3 rigs to 197. At this time last year, there were 227 rigs operating in Eagle Ford, -30. Click...

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WTI Crude Knocked below $50 and US Land Rigs at 1735

With the WTI oil price trading under $50 / bbl and the crude Brent oil price near $50 / bbl, the rig counts continue to drop confirming our expectations.There has been a -25 drop in rigs with depths of >10K, with the biggest losses occurring in Texas with -18 and Colorado at -2 compared to last week. US Land Rig Count Declines The overall rig count is -25 at 1735 compared to last week with the horizontal rig count down -13 from the...

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Bakken -7, Eagle Ford +2, & OPEC Revenue down 14%

This week there are no large swings in rig counts. The WTI oil price is hovering around $56 / bbl and Brent crude is at $62 / bbl. We are expecting to see a weekly rig count decline over the next several weeks. Once we are in the new year, we will release a bottoms-up forecast of Shale drilling activity. Horizontal Rig Count Drops by 12 Permian Basin is -9 compared to previous week and +63 compared to last year at this...

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