WTI Closes at $59.15 and Only 26 Rigs Idled
As the first quarter of 2015 comes to an end, WTI closed at $59.15 and the BHI land rig count dropped -26 rigs or -2.9% compared to last week.
The Permian and Eagle Ford dropped a combined -13 rigs this week to land at 348 rigs which is -52.3% since the start of 2015. The Williston basin has added +1 rig to the count this week to end at 80 rigs. Gas rigs have started a slight decline after a few weeks of stability, losing -4 rigs or -1.9% compared to last week. The Mississippian felt a big drop this week of -13.8% or -4 rigs to end at 25 rigs. Here is a summary chart for the week:
Summary of Shale Plays
- Permian Basin -3.3% to 238 rigs compared to last week’s 246 rigs
- Eagle Ford -4.3% to 110 rigs from last week at 115 rigs
- Williston Basin +1.3% to 80 from last week’s 79 rigs
- Marcellus -2.9% to 67 from last week’s 69 rigs
- Mississippian -13.8% to 25 from last week’s 29 rigs
- DJ-Niobrara stayed flat at 29 rigs
- Utica stayed flat at 26 rigs for the second week
- Cana Woodford -7.3% to 38 rigs from 41 rigs the previous week
- Haynesville -6.9% to 27 rigs from last week’s 29 rigs
Q1 E&P Updates
- Linn Energy (NASDAQ: LINE) has spent 35% of their total $520 million budget in the first quarter of 2015.
- Hess (NYSE: HES) has operated an average of 12 rigs in the Bakken in the first quarter, currently running 8 rigs and is expecting to stay at that level for the rest of the year. Their average production in the Bakken was 108,000 Boe per day for the quarter, which was above their projected guidance range.