With a flat U.S. horizontal rig count and a lower-priced backlog still to be worked through, the oilfield services sector didn’t have a lot of “classic” catalysts to propel them in 2Q2013, according to a preview by Tudor, Pickering, Holt & Co. (TPH).
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Crude oil production from the Eagle Ford Shale of South Texas was up by 74% in February compared with a year ago, reaching an all-time high of 471,258 b/d from the nine fields that comprise the majority of the play, according preliminary data from the Railroad Commission of Texas (RRC).
Chesapeake Energy Corp.’s Eagle Ford Shale leasehold, now is the top producer within the company, delivering year/year growth in 4Q2012 of 266% and sequential growth of 20%, the independent reported Thursday. Net production in the South Texas play averaged 62,500 boe/d, with 66% of it oil, while 19% was natural gas and 15% liquids.
Dallas-based Pioneer Natural Resources Co. reported a 9% sequential increase in production for the fourth quarter and attributed the success to “three core liquids-rich growth assets in Texas.” In light of low prices for dry gas, the company has tweaked some of its drilling plans while it continues to high-grade liquids-rich drilling.
Penn Virginia Corp. CEO H. Baird Whitehead admitted to financial analysts Thursday that the company is “essentially a one-trick pony at this moment” due to its heavy focus on the Eagle Ford Shale of South Texas. However, he said, “we think it’s a pretty good-looking pony.”
Oilfield services operators last week reported stronger sequential earnings in 1Q2010 from the last three months of 2009 because of a boost in U.S. onshore spending, but with North American natural gas prices failing to show much strength, the outlook for the second half of this year is uncertain, CEOs of Halliburton, Nabors Industries Ltd. and Schlumberger Ltd. said last week.
U.S. natural gas production in 2Q2007 increased 1.9% sequentially from the first three months of the year, representing the first sequential gain since 3Q2006, and gas output gained 3.5% from the same period a year ago, according to a survey by SunTrust Robinson Humphrey/Gerdes Group (STRH) energy analysts.
U.S. natural gas production in 2Q2007 increased 1.9% sequentially from the first three months of the year, representing the first sequential gain since 3Q2006, and it was up 3.5% from the same period a year ago, according to a survey by SunTrust Robinson Humphrey/Gerdes Group (STRH) energy analysts.