Friday, November 12, 2010

Haynesville Shale Rig Count: -5 to 160

The weekly Haynesville Shale working rig count continued to decrease this week, dropping by five rigs to 160, its lowest level since early February 2010.  The count dropped by four in Louisiana to 120 and by one in Texas to 40.  Rig count spreadsheets and maps have been updated.

While it is difficult to assess trends on a weekly basis, it does seem clear that the Haynesville rig count peaked July 30 at 184 and that we are definitely witnessing a downhill slide.  I think the decline will be gradual for the next year, but if natural gas prices don't improve it will be dramatic at year end 2011.

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