Dry Gas Basin Activity Highlights: August 2016
Larry Prado, Hart Energy's activity editor, summarizes some of the recent action in dry shale gas basins by companies including Southwestern Energy, Newfield Exploration and Comstock.
BHP Boosts Exploration Spend To $900 Million As Focus Narrows
Petroleum exploration by BHP will focus on deepwater basins in the Gulf of Mexico, the Caribbean and the Northern Beagle basin, off the coast of Western Australia.
Cotton Valley, Eaglebine Offer Some Service Providers Hope
Tough times and low demand add pressure on service providers in dry gas basins as operators “slow-walk” payment for services. Meanwhile, Eaglebine and Cotton Valley activity offers stability for some.
Operators Postpone Dry Gas Basin Refracks
While everyone is talking refrack opportunities in the Haynesville and Barnett, programs have been put on hold until commodity prices improve, including Devon Energy’s refrack effort in the Barnett.
Drilling Rig Rare Sight In Dry Gas Shale Basins
All is quiet in the Haynesville, Fayetteville and Barnett shales until operators see sustained natural gas prices of $2.90, according to Hart Energy’s Heard In The Field survey.
Barnett, Fayetteville, Haynesville Operators Stretch Out Workover Payments
Workover contractors in dry gas basins are hunkering down as several operators go dormant or redirect capital spending elsewhere, according to Hart Energy’s Heard In The Field survey.
Southwestern Energy Looking To Unload More Acreage
The Houston company has put thousands more leasehold acres on the market as it looks to redeploy much needed capital to its strongholds in the Appalachian Basin and Fayetteville Shale.
Fayetteville Gross Acreage Map
View Large MapCompanyNet AcreageSouthwestern Energy888,161ExxonMobil/XTO Energy792,960BHP Billiton487,000All Top Acreage Holders
Southwestern Energy To Lay Off 1,100 Workers Amid Oil Slump
Southwestern had no drilling rigs in operation at the start of 2016 and is yet to finalize its capital budget and operating plan for the year.
Bill Way Succeeds Steve Mueller As Southwestern's President, CEO
Way, previously president and COO, has been elected to the Houston company's board as well. Mueller will continue to serve as director and as non-executive chairman until he retires in May.