Join us on Wednesday, May 20 for breakfast and to learn more about new solutions sure to increase operational efficiency. Click here for more information on this special session open to all DUG Permian Basin attendees.
CEO OAG Analytics
J. Ross Craft
Founder, Chairman, President and CEO Approach Resources
Barry Thomas Smitherman
Former Chairman Texas Railroad Commission
Ronnie K. Irani
President and CEO RKI Exploration & Production LLC
President and COO Energy Transfer Partners LP
Chairman & CEO Laredo Petroleum
Gen. Keith B. Alexander
Retired, U.S. Army, and CEO & President IronNet Cybersecurity
CEO RSP Permian, LLC
Chairman Petrie Partners
President Three Rivers Operating Co. LLC
President Matador Resources
Senior Vice President - Permian Basin EnLink Midstream
Vice President - Permian Basin Apache Corp.
Director of Commercial Development Delaware Basin Midstream LLC
Michael D. Bodino
Managing Director Global Hunter Securities
E&Ps Idle US Rigs For 21st Straight Week The total U.S. count, which includes four miscellaneous rigs, slipped by 27 to 905. Stockpiles at Cushing, Okla., storage hub, shrank for the first time since November, Bloomberg said.
Well Service Contractors Enter Price War As Demand Drops In Midcontinent A pricing war has broken out among Midcontinent well service contractors, led by larger firms who are fighting for market share in a shrinking market. Average hourly rates for the benchmark 500 Series well service rig were up slightly this quarter to $344 versus the last report, but contractors are including items in the rate that were add ons previously. In all, well service contractors say hourly rates are down 27% versus peak compared to 20% in the January 2015 survey. Operators are only doing work that is absolutely necessary. In this survey, routine maintenance accounted for 86% of job mix on average versus 31% in January, a clear sign of how low commodity prices are impacting demand for well servicing units. Watch for the next Midcontinent report in July 2015.