- Tight Gas & Oil
- Gas Hydrates
Demand for pressure pumping services in the Bakken Shale is flat, the inventory of drilled but uncompleted wells is rising, and pricing is off 18% vs. August.
Noble gets a subpar price for some of its interest offshore Cyprus, including the Aphrodite natural gas discovery, while new regulations force the sale of offshore Israel licenses.
Larry Prado, Hart Energy's activity editor, summarizes recent trends in enhanced completions used in the U.S. shale plays.
Resolute will also work on the potential sale of its Reeves County midstream infrastructure assets to chip away at its more than $700 million of outstanding debt.
The volume of sand use per well has dropped as Bakken operators seek additional cost savings. Average sand per well is 5 million pounds, down from 6 million pounds 90 days ago.
WPX Energy and Bill Barrett are among E&Ps actively divesting assets to pay off debt, pay for their own acquisitions or focus on core plays. Other companies are trying to buy, but continue to see private equity beat them out.
Regional rig utilization has fallen to 40% with little work outside the Bakken core. Several contractors said they don’t expect demand for drilling services in the region to improve until 2017.
Since August, RSP Permian’s acquisitions have added net production of 3,500 boe/d, 277 net horizontal locations and 47,000 net effective horizontal acres while raising liquidity enough to offset overspending.
Marcellus operators are doing only what is necessary to keep wells flowing. A few service providers are noting that work volumes have remained unchanged over the last 90 days.
Rig count continues to decline in the Marcellus region, the supply of drilling rigs remains excessive, and contractors peg utilization in the low 40-percentile range.
Continued U.S. NGL supply growth is driving U.S. and global petrochemical infrastructure investment.
Marathon Petroleum increases its cash offer to MarkWest—again—as a “best and final” offer as it tries to entice the MLP’s unitholders to vote in favor of selling the company.