WTI Closes at $56 and Key Shale Production Declines

WTI Closes at $56 and Key Shale Production Declines

The Baker Hughes US Land Rig Count declined to 904 down -3.5% this week. WTI closed at $56.37 per barrel. Here’s a summary chart for the week:


Summary of Shale Play Rig Counts

  • Permian Basin -2.3% to 258 rigs compared to last week’s 264 rigs
  • Eagle Ford -1.6% to 123 rigs from last week at 125 rigs
  • Williston Basin -5.6% to 84 from last week’s 89 rigs
  • Marcellus -1.4% to 69 from last week’s 70 rigs
  • Mississippian -22.5% to 31 from last week’s 40 rigs
  • DJ-Niobrara stayed flat this week at 28 rigs
  • Utica -7.1% to 26 rigs compared to 28 rigs last week
  • Cana Woodford +5.3% to 40 rigs from 38 rigs the previous week
  • Haynesville stayed flat at 27 rigs this week

Eagle Ford & Bakken Production Turns

With the sharp drop in rigs, Bakken and Eagle Ford production numbers were expected to take a turn at some point. Based on the EIA’s Drilling Productivity Report, that turn is happening now. With fewer rigs and new wells, both shale plays are in a position where the new production is not greater the decline in legacy production volume.


eia-dpr-bakken-shale-productionSource: EIA Drilling Productivity Report


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