Monday, August 31, 2015

Haynesville Shale Rig Count: +1 to 22

The Haynesville Shale rig count was up one this week to 22.  Louisiana was up two (both Chesapeake) to 14, while Texas was down one to eight (XTO, Sabine down one each; BP up one).  Seems like old times in Louisiana with Chesapeake and DeSoto Parish dominating the rig count, only at less than 10% the count from five years ago...


Friday, August 28, 2015

Two Months of New Texas Permits

Interesting to note that Anadarko, which had been the dominant driller in the Texas Haynesville Shale for the past several years, hasn't had a new Haynesville permit approved since March 2015.

7/7/15 - 8/27/15:
  • Soape, A.C. Gas Unit Allocation #22H, BP America; Carthage Field (Haynesville Shale), Panola Co., Survey: OWEN, J, A-552 
  • Herman Brown Gas Unit Allocation.Gas Unit Allocation #13H, BP America; Carthage Field (Haynesville Shale), Panola Co., Survey: OWEN, J, A-552 

Two Months of Texas Completions

6/11/15 - 8/27/15:
  • Greer-Ironosa Alloc #1HB, EXCO Operating: 9.992 MMcf/day IP, 16/64" choke, 7,798 psi; Perfs: 13,344-19,824, length: 6,480 ft.; Carthage Field (Haynesville Shale), San Augustine Co., Survey: WARD, M, A-305 
  • Red River 164-Phillips Alloc #1H, EXCO Operating: 9.45 MMcf/day IP, 16/64" choke, 7,430 psi; Perfs: 13,382-20,442, length: 7,060 ft.; Carthage Field (Haynesville Shale), San Augustine Co., Survey: WARD, M, A-305 

U.S. Rig Count: -8 to 877

The Baker Hughes U.S. rig count was down eight to 877.  Oil rigs were up one to 675, while gas rigs were down nine to 202.  By type, horizontal rigs were down five to 672, vertical rigs were down five to 125 and directional rigs were up two to 80.  Among gas rigs, horizontal rigs were down seven to 151, directional rigs were unchanged at 39 and vertical rigs were down two to 12.

One New Louisiana Completion This Week

  • Lowrey 27 H #1-ALT, EP Energy: 12.217 MMcf/day IP on 18/64 in. choke at 7,277 psi; Perfs: 12,510-17,046, length: 4,536 ft.; Holly Field, DeSoto Parish, S34/T14/R14; res. A, serial #248914

Thursday, August 27, 2015

EIA: Gas in Storage +69 Bcf to 3.099 Tcf

The EIA announced this morning that working gas in storage was up 69 Bcf last week to 3.099 Tcf.  The weekly injection more or less split the difference between last year's injection (+77 Bcf) and the five year average (+61 Bcf).  The current storage level is now 18.3% above last year (2.619 Tcf, a difference of 480 Bcf) and 2.9% higher than the five year average (3.011 Tcf, a difference of 88 Bcf).


Tuesday, August 25, 2015

So Long, Encana

At long last, Encana has sold its stake in the Haynesville Shale.  Encana sold out to GEP Haynesville, LLC, a joint venture of GeoSouthern Haynesville, LLC and GSO Capital Partners, LP for $850 million.  Additionally, the company transferred its gathering and midstream commitments, which eliminated a $480 million five year future cost.  Encana will also transport the GEP gas to market for a fee for the next five years.  The transaction includes 112,000 net acres, approximately 300 operating wells and 720 Bcfe of 2014 proved reserves.  The deal is expected to close in the fourth quarter of 2015.

I have to admit that I'm a bit nostalgic about the sale since Encana completed the first Haynesville wells (no matter what Chesapeake says).  They were also first (by my count at least) to set up drilling sites for pad operations (a.k.a. "gas factories") and were first to push through long cross-unit laterals.

Monday, August 24, 2015

Haynesville Rig Count Unchanged over Past Two Weeks

The Haynesville Shale rig count held at 21 over the past two weeks.  Louisiana held at 12, while Texas was unchanged at nine.  Over the past two weeks, Anadarko moved a rig from Texas to Bossier Parish, LA, Chesapeake was down one rig and XTO added a rig to do a workover in Texas.


Friday, August 21, 2015

Four Weeks of Louisiana Completions...

...and not all that much to show for it:
  • Estes 5 #1-ALT, EXCO Operating: 7.709 MMcf/day IP on 15/64 in. choke at 6,440 psi; Perfs: 12,194-16,147, length: 3,953 ft.; Bethany Longstreet Field, Caddo Parish, S8/T14/R15; res. A, serial #248471 
  • Ratz 19+30-15-11 HC #1-ALT, Chesapeake Operating: 14.003 MMcf/day IP on 20/64 in. choke at 7,110 psi; Perfs: 12,286-17,585, length: 5,299 ft.; Caspiana Field, Caddo Parish, S19/T15/R11; res. B, serial #248904 

U.S. Rig Count: +1 to 885

The Baker Hughes U.S. rig count was up one this week to 885.  Oil rigs were up two to 674, gas rigs were unchanged at 211 and miscellaneous rigs were down one to zero.  By type, horizontal rigs were up one to 677, vertical rigs were up three to 130 and directional rigs were down three to 78.  Among gas rigs, horizontal rigs were unchanged at 158, directional rigs were down one to 39 and vertical rigs were up one to 14.

Thursday, August 20, 2015

EIA: Gas in Storage +53 Bcf to 3.03 Tcf

The EIA announced this morning that working gas in storage was up 53 Bcf to 3.03 Tcf.  The weekly injection was 38% lower than last year (+86 Bcf) and in line with the five year average (+54 Bcf).  The current storage level is now 19.2% higher than last year (2.542 Tcf, a difference of 488 Bcf) and 2.7% above the five year average (2.95 Tcf, a difference of 80 Bcf).


Friday, August 14, 2015

U.S. Rig Count Unchanged at 884

The Baker Hughes U.S. rig count was unchanged this week at 884.  Oil rigs were up two to 672, gas rigs were down two to 211 and miscellaneous rigs were unchanged at one.  By type, horizontal rigs were up four to 676, vertical rigs were down two to 127 and directional rigs were down two to 81.  Among gas rigs, horizontal rigs were down two to 158, directional rigs were up one to 40 and vertical rigs were down one to 13.

Thursday, August 13, 2015

CNG, Oh Yeah!

Finding enlightenment while on vacation:




EIA: Gas in Storage +65 Bcf to 2.977 Tcf

The EIA reported this morning that working gas in storage was up 65 Bcf to 2.977 Tcf.  The weekly injection was 18% below last year (+79 Bcf), but 35% above the five year average (+48 Bcf).  The current storage level is now 21.2% higher than last year (2.456 Tcf, a difference of 521 Bcf) and 2.8% above the five year average (2.896 Tcf, a difference of 81 Bcf).


Monday, August 10, 2015

Haynesville Rig Count: -1 to 21

Since I last reported the Haynesville rig count three weeks ago, the count is down one to 21.  Over that period, Louisiana held at 12, while Texas was down one to nine.  Anadarko shifted a rig from Texas to Louisiana and Chesapeake dropped a rig.

Friday, August 7, 2015

U.S. Rig Count: +10 to 884

The BHI U.S. rig count was up 10 this week to 884.  Oil rigs were up six to 670, gas rigs were up four to 213 and miscellaneous rigs were unchanged at one.  By type, horizontal rigs up eight to 672, vertical rigs were up three to 129 and directional rigs were down one to 83. Among gas rigs, horizontal rigs were up two to 160, directional rigs were up four to 39 and vertical rigs were down two to 14.

Thursday, August 6, 2015

EIA: Storage +32 Bcf to 2.912 Tcf

The EIA announced this morning that working gas in storage was up 32 Bcf to 2.912 Tcf.  The injection was 61% below last year (+83 Bcf) and 40% lower than the five year average (+64 Bcf).  The current storage level is now 22.5% above last year (2.377 Tcf, a difference of 535 Bcf) and 2.2% higher than the five year average (2.848 Tcf, a difference of 64 Bcf).


Monday, August 3, 2015

Yep, EXCO Receives Delisting Notice from NYSE

As expected, the NYSE notified EXCO Resources that it has spent too much time below the buck (stock price lower than $1 for 30 trading days), so it is on notice that it will be delisted if the situation is not remedied within six months.  More specifically:
"Under the NYSE rules, during the six-month period from the date of the NYSE notice, EXCO can regain compliance if the price per share of EXCO’s common shares on the last trading day of any calendar month within such period and the 30 trading day average price per common share for that month is at least $1.00. During this period, subject to EXCO’s compliance with other NYSE continued listing requirements, EXCO’s common shares will continue to be traded on the NYSE under the symbol “XCO” but will have an added designation of “.BC” to indicate the status of the common shares as below compliance."

Friday, July 31, 2015

U.S. Rig Count: -2 to 874

Ah, seems like old times:  oil rigs up, gas rigs down.  This week the U.S. rig count was down two to 874.  Oil rigs were up five to 664, gas rigs were down seven to 209 and miscellaneous rigs were unchanged at one.  By type, horizontal rigs were up two to 664, vertical rigs were down five to 126 and directional rigs were up one to 84.  Among gas rigs, horizontal rigs were down two to 158, directional rigs were down four to 35 and vertical rigs were down one to 16.

Thursday, July 30, 2015

EIA: Gas in Storage +52 Bcf to 2.88 Tcf

The EIA reported this morning that working gas in storage was up 52 Bcf to 2.88 Tcf.  The weekly injection was 41% below last year (+88 Bcf) but 8% higher than the five year average (+48 Bcf).  The current storage level is now 25.5% above last year (2.294 Tcf, a difference of 586 Bcf) and 3.0% above the five year average (2.795 Tcf, a difference of 85 Bcf).


Friday, July 24, 2015

U.S. Rig Count: +19 to 876

Big jump in oil rigs this week as the total BHI U.S. rig count was up 19 to 876.  Oil rigs were up 21 to 659, gas rigs were down two to 216 and miscellaneous rigs were unchanged at one.  By type, horizontal rigs were up 12 to 662, vertical rigs were up eight to 131 and directional rigs were down one to 83.  Among gas rigs, horizontal rigs were up two to 160, directional rigs were down three to 39 and vertical rigs were down one to 17.

Thursday, July 23, 2015

Two Weeks of Louisiana Completions

  • Bradway 25+24-15-12 HC #2-ALT, Chesapeake Operating: 14.91 MMcf/day IP on 22/64 in. choke at 6,875 psi; Perfs: 12,332-17,507, length: 5,175 ft.; Caspiana Field, Caddo Parish, S24/T15/R12; res. B, serial #247651 
  • Boggess 5-8 HC #1-ALT, Comstock Oil & Gas: 20.5 MMcf/day IP on 26/64 in. choke at 6,500 psi; Perfs: 11,638-19,068, length: 7,430 ft.; Belle Bower Field, DeSoto Parish, S32/T13/R16; res. A, serial #248862 

EIA: Storage +61 Bcf to 2.828 Tcf

The EIA announced this morning that working gas in storage was up 61 Bcf to 2.828 Tcf.  Because of a correction of previous data, the implied flow was 68 Bcf, but the actual difference from last week is 61 Bcf, so I'll go with that.  The weekly injection was 34% below last year (+92 Bcf) but 15% higher than the five year average (+53 Bcf).  The current storage level is now 28.8% above last year (2.206 Tcf, a difference of 622 Bcf) and 2.9% higher than the five year average (2.747 Tcf, a difference of 81 Bcf).


Temperatures in the Lower 48 last week averaged 75 degrees, which was 1 degree warmer than last year and in line with the average for the week.

Tuesday, July 21, 2015

Haynesville Rig Count: +1 to 22

Last week's Haynesville Shale rig count was up one to 22.  Louisiana was up one (Chesapeake) to 12, while Texas held at 10.


Friday, July 17, 2015

Penn Virginia Out of Haynesville

On Wednesday, Penn Virginia Corporation announced that it had agreed to sell its East Texas properties to an undisclosed buyer for $75 million.  The 33,400 net acres changing hands covers both the Cotton Valley and Haynesville Shale. Going forward, the company will concentrate its efforts on the Eagle Ford Shale.

Personally, I find PVA's exit is a little bittersweet because they were one of the first companies to register a Haynesville completion way back when I started collecting them.