This past week we headed north to Oklahoma to meet industry friends in the Sooner state. This marks our third tour through Oklahoma since the start of DEP in April. While statewide activity levels remain low, there are still lots of people to see…
Headline OFS news this morning is encouraging as a consequential M&A deal within pressure pumping is announced. SLB and LBRT jointly announced that SLB will contribute its pressure pumping business into LBRT for a 37% ownership interest in LBRT. The combined company is sizeable…
When headline OFS & EP energy news is light, as was the case this past week, sometimes research folks have to work a bit harder to find newsworthy material. On that point, DEP took to the streets to chat with frac contacts in order…
Mixed emotions this week as our Permian trip felt like a cold shower, but upon returning to Houston, the BKR U.S. land rig count jumps 10 rigs w/w. Feels like the zig and zag may persist, but on the margin, we see things improving,…
We have updated our active frac crew count worksheet as well as compiled a list of frac crew anecdotes from Q2 earnings season. Our active tally now stands at ~111 fleets. This tally is derived from public disclosures, industry sources, company specific discussions and…
Better late than never. Daniel Energy Partners had the joys of driving our daughter’s car to the Northeast last week for college; attending our son’s delayed high school graduation in Virginia on Saturday and then making a surprise trip to North Carolina to see…
A few quick thoughts. First, our working U.S. frac crew count now stands at roughly 100 fleets, but as always, this is a point in time data collection process which includes a few estimates along the way. Second, a few earnings out today, including…
Back from vacation yesterday, so today we nerded out, spending all afternoon reading Q2 earnings call transcripts and IR slide decks. Below are a few takeaways. E&P Capital Discipline Persists – Focus on Debt Reduction, Liquidity Enhancement Efficiency Gains – Drilling & Completion Improvements…
EQT earnings out this morning 2020E capex remains at $1.075B to $1.175B The YTD spend = $565M, leaving $560M to be spent in 2H’20 (at the mid-point of guidance). However, drilling and completion efficiencies will allow EQT to lower its activity metrics. For 2020,…