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The oil price bump in June created additional inquiries on the availability of drilling rigs in Appalachia. However, when oil fell in early August, inquiries for rigs in the region also softened.
Even though operators have increased horizontal rigs in the Denver-Julesburg Basin, there are mixed messages whether drilling activity is actually rising in the Greater Rockies' market.
Oklahoma’s Kingfisher and surrounding counties saw drilling activity rise in the first half of 2016, with Newfield, Continental and Le Norman Operating leading the pack.
The Wolfcamp Shale gains share as operators in the Permian Basin decrease Spraberry and Bone Spring activity, according to Hart Energy’s Heard In The Field survey.
Rig rates in the Eagle Ford Shale drop again - about $500 per day over the last 90 days - as demand for drilling services remain low.
Drilling contractors in the Bakken Shale are scrambling to hold onto crews in anticipation of greater demand in the second half of 2016, according to Hart Energy’s Heard In The Field survey.
Drilling activity in the Marcellus Shale is down by more than 80% from the peak as operators opt to complete the low number of drilled wells at discounts costs.
Rig rates in the Stack, Scoop and Cana-Woodford areas, which had been some of the last U.S. markets to maintain drilling levels in the current downturn, are now among the lowest in the country.
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.
A recovery in the Permian Basin might start with oil prices under $50, according to Hart Energy’s Heard In The Field report. Operators, meanwhile, continue to look at low cost vertical wells.
Contractors in the Eagle Ford Shale report steady activity, but at extremely low levels. A majority of Hart Energy survey participants indicate the region needs $50 oil before activity improves.
Contractors in the Bakken Shale say the market needs $50 oil before activity recovers. Several will await the arrival of summer to re-assess the situation.