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Well stimulation levels have bottomed in the Greater Rockies following 18 months of decline, though significant activity expansion isn't likely anytime soon, service providers tell Hart Energy.
Midcontinent service providers anticipate an increase in well stimulation pricing from the current average of $38,000 per stage, largely reflecting activity in the Scoop and Stack plays.
Permian service providers in Hart Energy’s Heard In The Field survey report an increase in both inquiries and work volume due to operators starting to complete DUCs.
Oil prices north of $55 are needed to stimulate fracking demand in the Eagle Ford Shale, according to participants of Hart Energy’s Heard In The Field survey.
Well stimulation pricing in the Bakken Shale is shrinking, with price per stage dropping 10% over the last 90 days. Meanwhile, the market appears to be approaching a balance.
Moving to multiwell zipper fracks could cut that time to five days, or by as much as 30% per well, according to participants of Hart Energy's Heard In The Field survey.
Fracking pricing in the Midcontinent edges upward due to more completions in the Scoop and Stack. Meanwhile, regional capacity takes a hit with crew count down to 13 from 25 since January.
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.
Service providers note crew count is down to 22 in the Permian while effective capacity has declined as the market remains challenged by sub-$50 oil.
Oil and gas operators are switching activity to the Permian Basin, reflected partially by the steep collapse in Eagle Ford well stimulation capacity, according to Hart Energy’s Heard In The Field report.
Fewer than a dozen pressure pumping fleets are currently active in the Bakken Shale as many operators suspend drilling and completion activity until commodity prices recover.
Winter-time natural gas demand has kept activity for Marcellus well stimulation providers steady, albeit at low levels. In the meantime, providers wait for prices to improve.