DEP Upcoming Events: We return to the Permian tomorrow for a three-day tour. This trip will include a thank you reception for DEP subscribers and supporters – we have a few open seats, so let us know if you are in town. On December…
Now that we are essentially through Q3 earnings season, this weekend we reviewed E&P commentary regarding near-term capital spending and activity trends. Where possible, we highlight Q4 and preliminary 2021 guidance as well as convey go-forward activity assumptions as provided. As expected, E&P capital…
Introduction Last week we enjoyed a day trip to North Texas and then took a day off to cook BBQ for local Houston politicians (Crenshaw and Hunt). The good news is the food turned out ok, but the bad news is two days out…
Quiet week last week, thus a short note this weekend. First, a reminder that our transition to a new distribution system continues, so expect this exact same note sometime Monday afternoon. If you have not received our note via the new format, we believe…
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,…