Completions Wobbly But OK

We have aggregated 3Q frac completion trends, which are trending down 0-5% versus 2Q19. Contrary to rig count trends, July / August completions actually held up, insulating 3Q from potentially bigger cuts in September (not enough data / satellite imagery yet to make call). Basin specific trends suggest Permian & Bakken were the only areas that improved q/q while the Eagle Ford, Northeast, and DJ have declined sharply. Company specific trends favor SLB, RES, and PUMP while HAL, LBRT, and SLCA are most at risk.

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