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North East Frac Crews Remain Subdued
After reaching a two year high of 43 in July north east frac crews have pulled back to just 30 active crews as of our latest observation. This decline coincides with a material decline in production from the region part of which some have reported is related to ongoing pipeline maintenance. With gas production in this region being largely contained and frac crew availability tight it is worth wondering if the two are causally related. IE do operators reduce crews ahead of planned maintenances or is the reduction in crews the primary driver behind the production decline?
Chesapeake Shows Signs of Eagle Ford Divestment
The count of Chesapeake (CHK) active rigs in Eagle Ford fell from five to just two in our latest satellite observations. In their most recent earnings call CHK announced their intention to leave the Eagle Ford in favor of the gassier Haynesville. So far they have continued to operate three Frac crews in Eagle Ford, most likely to finish completion of their 15 remaining DUCs before reallocating these crews to the Haynesville.
