By Richard Rostad, analyst, Oil & Gas 360 The Q4 2018 downturn in oil prices has made upcoming U.S. crude oil production growth a major uncertainty for markets. Companies have been announcing plans to scale back drilling activities for 2019, but what will the overall effect of the reduction in drilling be? How much can activity drop before a lack
New Mexico could overtake Oklahoma as No. 2 Drilling activity resumed its fall this week, more than wiping out the increase seen last week according to Baker Hughes. A net 14 rigs shut down in the week, leaving 1,045 rigs operational. Thirteen land-based rigs came offline, while one offshore rig stopped drilling and inland waters activity stayed flat. The rise
New Mexico reaches all-time high Drilling activity increased this week, partially reversing last week’s decline according to the latest edition of Baker Hughes Rig Count. A net nine rigs came online in the week, bringing the national total to 1,059. This is the largest in over two months, but only partly offsets the 25-rig drop seen last week. Nine land-based
Horizontal activity highest since February 2015 Drilling activity rose once again in the U.S. this week, extending the increase seen last week according to Baker Hughes Rig Count. A net three rigs began drilling in the week, all land-based. These three rigs mean there are a total of 1,056 land, 24 offshore and three inland waters rigs active in the
Drilling activity rose in the U.S. this week, reversing the last four weeks of decline according to the latest edition of Baker Hughes’ Rig Count. A net nine rigs came online in the week, meaning there are 1,080 rigs active in the country. This is only slightly below the post-downturn high of 1,082 rigs seen in mid-November and counteracts almost
Most major basins see rig count fall Oil and gas activity declined once again last week, marking the fourth straight drop according to Baker Hughes’ Weekly Rig Count. The overall rig count declined by four this week, meaning there are now 1,071 rigs active in the U.S. Five land-based rigs shut down, while one inland waters rig came online. There
Gas activity up sharply, active oil rigs record largest fall since May 2016 Drilling activity declined this week, continuing the drop from last week according to the latest edition of Baker Hughes’ Rig Count. A net one rig shut down in the week, meaning there are 1,075 rigs active in the country. The only shift among location type was one
Wyoming attractive as other basins face challenges From the Casper Star Tribune With not enough pipeline capacity to move the prolific mineral development in Texas’s Permian basin, large firms are thinking of distributing their resources elsewhere. A number of companies are either considering other regions where they have a presence or reducing completions on wells in the Permian, according to
Oil & Gas 360® takes a look at three companies with operations in the Permian: Halcón Resources Company (ticker: HK) Approach Resources Company (ticker: AREX) Apache Corporation (ticker: APA) Halcón Resources Production for the first quarter of 2018 averaged 10,967 BOEPD for Halcón, comprised of 70% oil. This production rate represents a 75% growth rate from the fourth quarter of
Chesapeake Energy Corporation (ticker: CHK) reported net income available to common stockholders of $268 million, or $0.29 per share for Q1 of 2018. Chesapeake’s average daily production for the first quarter of 2018 was approximately 554,000 BOE, compared to approximately 528,000 BOE in Q1 2017. Chesapeake reported an average rig count of 15 in Q1 2018, with 77 gross wells
National Oilwell Varco (ticker: NOV) reported a first quarter 2018 net loss of $68 million, or $(0.18) per share. Revenues for the first quarter were $1.8 billion, a decrease of 9% compared to the fourth quarter of 2017 and an increase of 3% from the first quarter of 2017. Operating loss for the first quarter of 2018 was $1 million,
QEP Resources, Inc. (ticker: QEP) reported a net loss of $53.6 million, or $(0.22) per diluted share for the first quarter of 2018, compared to Q1 2017 when the company had a net income of $76.9 million, or $0.32 per diluted share. QEP delivered net oil equivalent production in the Permian Basin of 30.9 MBOEPD, including oil production of 24.0
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