Tuesday, July 21, 2015

Well Completions Starting To Pick Up In Shale Plays -- July 21, 2015

When you read this story, remember there are over 900 wells in the Bakken waiting to be fracked/completed. Reuters/Rizgone is reporting:
Oilfield services provider Baker Hughes Inc's quarterly revenue fell less than expected as more and more North American shale oil producers returned to complete wells they had abandoned as crude oil prices slumped.
These producers had built up a heavy backlog of drilled but uncompleted wells, but with oil steadying at about $50 per barrel, some producers are now coming back to these wells.
Rising stage intensity - the practice of fracking more stages per well to increase production - also helped Baker Hughes stem revenue losses.
Industry leader Schlumberger Ltd and No.2 Halliburton have also reported better-than-expected revenue and said they expect an uptick in demand in North America this year.
But they appear to be "burning daylight" in the Bakken -- winter will be here before we know it, and come November, December, January, February, it's pretty tough to frack in North Dakota. 


Johnny Carson and Stump the Band with Teri Stone

No comments:

Post a Comment