Thursday, February 23, 2012

Where Are They Drilling?

Today, I was glancing over the falling Haynesville Shale rig counts wondering if there were any trends in terms of location over the past two years of collecting this data. Being a visual person, it helps me to look at numbers graphically. The charts below show the rig counts since January 2010 and reveal some interesting activity.

In Louisiana, DeSoto Parish has always been the king of the rig count.  Red River was usually second, but it tailed off in late 2010, only to come back strong in late 2011.  Otherwise, there are no big surprises.  The declining rig count has been going on rather consistently since late 2010.

In Texas, the activity has waned and waxed in the eight Haynesville counties.  Natchitoches and San Augustine have generally been strong, but Harrison, which is home to many of the earliest Haynesville wells, hasn't seen an active Haynesville rig in nearly a month.  Where there were times where there were active rigs in all eight counties, they are now only active in four.

But what catches your eye immediately about the Texas graphic is the fact that the rig count, which was fairly steady for the second half of 2011, is down by half in the first month and a half of 2012.  Zoikes!  Does that trend continue or will it bottom out soon?  Next, I'll look at operators.

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