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Haynesville's Top 2022 Players That Made It Happen
01/05/2023
After reaching record-high production in 2021, the Haynesville Shale seemed to have a quiet 2022, with a smattering of deal activity and attention seemingly focused more on LNG exports than production. Meanwhile, the indications are that the third-largest producing gas shale in the U.S. is growing up for a robust 2023 if commodity prices stand still.
The Haynesville Shale play, situated in northwestern Louisiana and eastern Texas, was remarked in March 2008. Petrohawk Energy Corp. and Chesapeake Energy Corp. both held lease acreages in Louisiana, making the region famous.
There was a 54% growth in Haynesville rig activity from the 46 average count in 2021 to 71 in the first half of 2022, according to J.P. Morgan’s September “JPM Natural Gas Reservoir” report.
Recent gas pipeline scrapes are running ahead of anticipations, setting record highs of almost 99.3 Bcf/d in September, with MTD gas production estimated at 98.7 Bcf/d, which compares to the August average of 97.7 Bcf/d and the September 2021 average of 92.7 Bcf/d.
Top basin performers Chesapeake Energy, Southwestern Energy, Comstock Resources, Aethon Energy, and Rockcliff Energy II produced a combined total of 1.53 MMboe/d, 83 bbl/d of oil, and 9.2 Bcf/d of gas in the first half of 2022.
One of the first companies to operate in the basin, Chesapeake was the Haynesville’s largest producer in the first half. The company produced 1.23 MMboe/d in the half, 365,766 boe/d came from its Haynesville operations, with 2.19 Bcf/d of the 6.98 Bcf/d total produced coming from the Haynesville as well.
Nevertheless, it produced 89,862 bbl/d of oil in the first half of the year, and none of Chesapeake’s oil production came from the Haynesville. The latter half of the year was aimed at concentrating on Chesapeake’s midstream capacity, committing 700 MMcf/d to a new pipeline to be constructed by momentum from the heart of the Haynesville play down to Gilles.
The company reported 334,716 boe/d in the first half of 2022 production from the Haynesville, comparable to the total 887,668 boe/d produced by the company across all its assets. In the basin, it also produced 2 Bcf/d of its total reported 5.19 Bcf/d across the combined Haynesville and Appalachian assets.
Comstock has assets spanning northern Louisiana and eastern Texas, making it the third most productive Haynesville operator with eight total rigs. The company produced a total of 314,483 boe/d, 28 bbl/d of oil, and 1.88Bcf/d of gas in the Haynesville in the first half of 2022.
As the largest private producer in the Haynesville, Aethon produced 313,492 boe/d of its total 330,601 boe/d from the basin. Moreover, 19 bbl/d of its total 402 bbl/d of oil production and 1.88Bcf/d of its total 1.98Bcf/d of natural gas production came from the Haynesville.
The second private company to emerge as a Haynesville top player, Rockcliff production totaled 205,997 boe/d in the Haynesville in the first half of the year. 36 bbl/d of its 347 bbl/d total oil production in the half came from the East Texas basin, as did 1.24 Bcf/d of its 1. 32 Bcf/d total natural gas production.
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The Haynesville oil and gas basin and its importance
The Haynesville oil and gas basin is a significant shale gas-producing region located primarily in northwest Louisiana and eastern Texas in the United Statesб with some estimates suggesting it could contain up to 500 trillion cubic feet of recoverable natural gas.
Haynesville Shale's 2022-2023 Performance Overview, What Happened, Trends
The Haynesville Shale play, located in northwestern Louisiana and eastern Texas, was recognized in March 2008. Petrohawk Energy Corp. and Chesapeake Energy Corp. had leased acreages in Louisiana, bringing fame to the region. The Haynesville Shale is crucial for meeting the rising demand for LNG exports from the Gulf Coast because of its location. It's expected that Haynesville will contribute about 13 Bcf/d to the overall growth in U.S. gas demand by 2030. However, drilling in Haynesville is more expensive and challenging due to the depth of its wells, especially when compared to areas like the Marcellus Shale.
In Wyoming during 2023, the oil and gas industry experienced various trends and developments. Wyoming ranked 8th nationally in both crude oil and natural gas production, significantly contributing to the economy through property and severance taxes. The state had a peak of 27,951 producing wells in 2022, including oil and gas wells, with 33 operating gas plants processing nearly 97% of the state's gas production. Notably, 21 of Wyoming's 23 counties produce oil and/or natural gas, with Converse County leading in crude oil production and Sublette County in natural gas production. U.S. Energy Information Administration (EIA) predicted that crude oil production across the United States would increase to 12.8 million b/d in 2024. Throughout 2023, oil production in Wyoming showed an upward trend, with more than 95 million barrels expected to be produced, an increase of about 3 million barrels from 2022. This rise in oil production was partly attributed to the completion of 110 newly drilled oil wells in the first half of the year, mainly in the Powder River Basin. However, natural gas production faced a decline due to the aging of wells and a low number of new gas wells being completed. Only 18 new gas wells were finished in the first half of 2023, with a noted interest in drilling applications, suggesting potential future developments.
XCL Resources is seeking approval from the Federal Trade Commission (FTC) for its proposed acquisition of Altamont Energy LLC, another Utah-based oil producer. This initiative is backed by XCL's parent entity, EnCap Investments LP, a notable private equity firm. Discussions about purchasing Colorado-based Altamont Energy began in the previous summer, as highlighted in FTC documentation.
Tallgrass Energy has started a new open season for the Pony Express Pipeline, and this is the second time they're doing it in 2024. They're looking for companies that want to move their crude oil from the Williston Basin and are offering special rates as an incentive. This 30-day event kicked off on March 11. To get the full details, companies need to sign a confidentiality agreement with Tallgrass.