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Latest Activity: Jul 13
Post, discuss and share information related to Live Oak County Oil & Gas permits in the replies below.Thank you to Clint Liles for championing the effort to keep us all up to date.Continue
Texas natural gas production has dropped by over 10 billion mcf per day over the same time last year, according to the Texas Railroad Commission (RRC).
In May, 93,397 natural gas wells in Texas averaged 18,079,106 mcf a day, compared to the 19,378,929 mcf daily average of May 2016. These are the preliminary numbers reported by the Texas Railroad Commission last week.
Webb County in the Eagle Ford continues to outproduce other Texas counties for natural gas, though it dropped from 61,866,541 in April to 39,627,806 for May.
Karnes County also lost ground for crude oil production moving behind MIdland County in May.
Texas Crude Oil Production by County | Source-Texas Railroad Commission
Total crude oil production for May 2017 averaged 2,463,933 barrels daily, compared to the 2,359,072 barrels daily average of May 2016.Read more at rrc.texas.gov
The Eagle Ford Shale rig count continues to struggle, falling by 2 this week to 91 rigs running across our coverage area by midday Friday.
The total rig count across Texas adn the U.S. also declined for the first time in months.
In recent Eagle Ford Shale news, the number of Texas oil and gas companies seeking debt relief decreased from 18 during the first four months of 2016 to four in 2017.
A total of 950 oil and gas rigs were running across the United States this week, two less than last week. 186 rigs targeted natural gas (one less than the previous week) and 764 were targeting oil in the U.S. (one less than the previous week). The remainder were drilling service wells (e.g. disposal wells, injection wells, etc.) 463 of the rigs active in the U.S. were running in Texas.
Baker Hughes reports its own Eagle Ford Rig Count that covers the 14 core counties. The rig count published on EagleFordShale.com includes a 30 county area impacted by Eagle Ford development. A full list of the counties included can be found in the table below.
10 rigs in the Eagle Ford region targeted natural gas this week with the commodity trading lower at $2.97/mmbtu.
81 Eagle Ford rigs were targeting oil with WTI oil prices at $45.77.
A total of 88 rigs are drilling horizontal wells, zero are drilling directional wells and three are vertical.
Karnes County leads this week with 21 rigs in production. See the full list below in the Eagle Ford Shale Drilling by County below.
Eagle Ford Rig Count by County-July 21, 2017
The Eagle Ford Shale Rig Count is an index of the total number of oil & gas drilling rigs running across a 30 county area in South Texas. The South Texas rigs referred to in this article are for ALL drilling reported by Baker Hughes and not solely wells targeting the Eagle Ford formation. All land rigs and onshore rig data shown here are based upon industry estimates provided by the Baker Hughes Rig Count.
Record numbers of Texas companies are declaring bankruptcy, while the trend is shrinking for oil and gas companies in the state.
649 businesses sought bankruptcy protection in Texas courts during the first half of 2017, an increase of 44% over the same period a year ago.
Many analysts believe the spike in total bankruptcies is a result of the oil patch problems of the last few of years. Ironically, oil and gas bankruptcies have slowed. The number of Texas oil and gas companies seeking debt relief decreased from 18 during the first four months of 2016 to four in 2017.
Haynes and Boone, LLP issued its latest report showing nine oil and gas producers filed bankruptcy from January-April 2017, down from 29 from the same period last year. The combined secured and unsecured debt represented in these filings totals approximately $44 billion.
Since the beginning of 2015, bankruptcies from oil and gas producers spiked as the crude oil price crash took its toll. The total bankruptcies involved approximately $79.9 billion in debt, according to the law firm of Haynes and Boone, LLP. Their bankruptcy tracker also shows the aggregate debt from oilfield services bankruptcy cases in 2015-2017 is $25.9 billion and the average debt of these cases exceeds $203 million
Texas was hit specifically hard in 2016, with more than half (25) of the 2016 filing being initiated in Texas courts. The combined total Texas bankruptcy filings for 2015-17 is 50, almost 40% of the total number of 127 and representing approximately $29 billion in cumulative debt.Read full Bankruptcy Monitor at haynesboone.com