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…
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,…
Quick father/son trip to Midland earlier this week in order to gauge leading edge frac and drilling activity as well as E&P sentiment. Here are our takeaways. Frac Activity. The current Permian completion count, we believe, remains steady with local contacts reporting ~50 fleets…
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…
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,…
We are reporting live this week from vacation in Seaside, Florida. And because we are on vacation and can only work when the lovely bride won’t see me, notes over the next few days will be written quickly; will likely be brief; and may…
Earnings today: Ranger Energy Services and Schlumberger. Look for recaps of their conference calls, as well as others, on Sunday. Ranger Energy Services Q2 revenue = $31M vs. $81M in Q1, (-62% q/q) Adjusted EBITDA = $3.2M or a ~10% margin Excluding equity-based comp,…
A few quick operational nuggets from today’s Q2 earnings releases. Main takeaway is both PTEN and PDS see flattish U.S. drilling activity. Patterson-UTI: Averaged 82 rigs in Q2 with an expectation to average 59 rigs in Q3. According to the company’s website, PTEN is…
Our Permian field trip was somewhat overshadowed by Chevron’s announcement to buy Noble Energy (surprise); BJ Services bankruptcy filing (not a surprise) and HAL’s Q2 earnings (better than expected). We’ll let our Wall Street friends go into the deep dives into company specific modeling…