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.
Source: EIA Drilling Productivity Report
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