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News - Week Ending - December 6, 2019 - Drilling, Frac Market, Job Cuts, Capital
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This is a recap of the latest news this week, plus the top stories.
Lower 48 / U.S
Chesapeake Energy to Get $1.5 Billion Lifeline
A new Permian E&P took a non-tranditional route and went public this week. Below you can see that the public markets for E&P, IPOs has been pretty much closed. The data is from
Permian E&P Acquires 20,000 net acres for $465 million
Updated : 2020 US E&P Capex Tracker, now tracking 27 companies and $33 billion in Capital. Expect 2020 capex to be down -15% year-over-year.
Baytex Talks 2020 Development Plan, Increasing Canada Spending, Cutting Eagle Ford
Frac Market/ Fleets (332 active fleets - 12/4/2019)
Active Frac fleets in the US is down 25% Year-to-date
The hardest hit basin is the Appalachia where frac crew count is down -47% Year-to-date, followed by the DJ Basin with 40% of its crew count down year-to-date. Click here for more details.
Job Cuts
Halliburton Cut Jobs in Oklahoma as Mid-Con operators Lay down frac crews as. Active Frac Fleets fell -25% Year to date.
Superior Energy, NOV Cut Jobs as Frac Fleets/Spreads Fall
Canada
Baytex Talks 2020 Development Plan, Increasing Canada Spending, Cutting Eagle Ford
Husky Ups 2020 CapEx, Production Growth +11% Year over Year
Meg Energy Outlines 2020 Plan; up 25% Year over Year
CNRL Talks 2020 Capex. What is really strange is the company did NOT disclose its detailed plan as it did in prior years. The company only said it plans to increase spending by +$250 million, it leaves us wondering if its all smoke and mirrors.
Updated : 2020 Canadian E&P Capex Budget Tracker By Company
20 companies that drill & comple 840 wells have given 2020 guidance and as you can see from below, only 1 company plans to increase activity, currently we are tracking a 13% reduction in drilling activity for 2020.
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