Thursday, March 8, 2012

QEP to Pull Last Rig?

In comments at CERA Week in Houston, QEP Resources CEO Charles Stanley indicated that the company will further reduce spending in the Haynesville Shale and expects to cease drilling operations altogether soon because of low natural gas prices.  He labeled the Haynesville Shale as the "biggest culprit" to the oversupply of gas in North America.

In January 2012, QEP had three Haynesville rigs and was at six as recently as November 2011. The company's Haynesville rig count peaked at eight as late as October 2008.

No comments: