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More Rigs, Jobs Today; More Natural Gas Tomorrow

Texas rigs have been coming back and so have the oil and natural gas jobs, according to data from Baker Hughes Inc. (BHI) and the Texas Workforce Commission (TWC).

During the week ended April 28 the Lone Star State rig count added 11 units to end at 437 active rigs, making Texas by far the biggest gainer among states for the week, according to BHI data.

The Eagle Ford led Texas plays, adding five rigs, while the Permian gained two, which was modest by Permian standards……………

During a recent first quarter earnings conference call, Kinder Morgan Inc. said it had signed a new gathering customer in the Haynesville. The customer name wasn’t given, but East Daley Capital analyst Justin Carlson said in a note that he thinks it’s a Comstock Resources Inc.-USG Properties Haynesville LLC joint venture.

More gas is coming, Carlson said. “The rig count in the ArkLaTex has ripped higher in recent months and has now popped to over 60 rigs,” he wrote. “East Daley’s ArkLaTex basin-level gas production model shows steep growth under a flat 65-rig scenario. The natural lag between drilling and completion has kept volumes in a slight decline the past six months, but expect that to change soon…[T]here is more supply on its way.”

Read the full Natural Gas Intelligence article here.