The rig count in the Anadarko Basin has fallen from about 175 in 2018 to about 90 in August. Several operators are reporting getting more work done with less iron in the field—rather than diminished interest in the basin—as spud-to-TD days fall precipitously.
Continental Resources Inc.’s “row development” and Encana Corp.’s “cube development” have rigs essentially marching across leasehold. The “marching” part isn’t metaphorical either, as the rigs actually “walk.”
Meanwhile, in the western Arkoma gas-liquids play, shallow decline rates have enabled operators to rig down for a while without affecting cash flow. They were seeing half-priced NGL prices entering autumn.
And, in the western Anadarko Basin, FourPoint Energy LLC continues to shift its program within its nearly 750,000 net acres, drilling on demand whatever commodities the market values most.