The oil-directed rig count took a big step down in the latest tally by Baker Hughes Inc. Declines in oil drilling mean eventual declines in associated natural gas production. But not to worry, there’s still the Marcellus Shale. “...[E]stimated Marcellus growth (about 1.5 Bcf/d) combined with soon-to- open pipeline takeaway capacity (of which we have identifed about 4 Bcf/d) is set to more than compensate for price-driven associated gas production declines else- where,” Raymond James & Associates Inc. said in an Aug. 31 note (see Daily GPI, Aug. 31). The Marcellus held steady in the latest rig count at 51 rigs running; that’s off 31 from one year ago.
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