Topic: Halliburton

Proppant Insights: Can a Legacy Pressure Pumper Return to Former Glory?

Well services companies suffered through harsh conditions during the last 18 to 24 months. Weatherford (NYSE: WFT), along with many others, are no longer in hydraulic fracturing business. BJ Services returns to a much different Lower 48 well services landscape.Halliburton (NYSE: HAL) gained strength in the Lower 48 market moving from 27% in 2015 to 30% in 2016. Schlumberger (NYSE: SLB) is the number two pressure pumper in the Lower 48 with ties to large independents in the Eagle Ford...

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Continental Resources Waits for Sustained $45 bbl Oil Prices to Complete DUCs

Continental Resources (NYSE: CLR) is nearing cash flow neutrality and hopefully the end of the year will bring improved oil prices to lift them into the green. Continental has spent $630 million of the company’s $920 million budget in the first half of the year leaving only 32% of the budget for the second half of year so expect the company to have lower activity in the fourth quarter. Largest DUC Inventory in the Bakken Continental has had very minimal activity in...

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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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Wyoming Completion Activity Decreases ~70% from One Year Ago but Permitting Continues

The majority of activity in Wyoming has come from the Powder River and Pinedale Basins but most recently Pinedale has seen the majority of activity. Permit activity spiked in the beginning of 2015 peaking in May at 691. Permit activity has increased 19% from February 2015 to February 2016 and has dropped -16% in March from February which had 503 permits.61% of Activity in Wyoming Concentrated in Sublette County  In the past 6-months activity has been concentrated in the Pinedale basin...

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A Look into Dunn County (ND): Permitting Drops to Zero and C&J Gains Market Share

Drilling deeper into activity in North Dakota we take a look at how Dunn county has tolerated the oil price slump. Operators like ConocoPhillips (NYSE: COP), Marathon (NYSE: MRO), HRC Operating, and ExxonMobil (NYSE: XOM) are still active. Since the start of the year, there have been few completions with 9 in January and only one in February.Permitting Tumbles to Zero Permit activity has slowed from a peak of 51 permits in October of 2014 to most recently 16 in the...

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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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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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