From the EIA:
In the News:
Rig count at historic low, but gas production still high
There were 94 active natural gas-directed rigs as of March 11, 2016, according to Baker Hughes Inc. data. This represents a decline of 3 units from last week, when rigs fell below 100 for the first time in Baker Hughes’s 29-year rig data history. Natural gas-directed rigs are currently 63% below their year-ago level and 89% below their level five years ago.
While rigs have declined dramatically in the past several years, production has grown steadily, indicating that drilling has become more efficient. Production data have only recently begun to show some signs of flattening after hitting a record high in September 2015.
While dry production grew 5.4% from 2014 to 2015, EIA’s Short-Term Energy Outlook projects that growth will flatten to 0.9% in 2016 with declining rig counts and sustained low prices. For 2017, EIA forecasts production to grow 2.1% year-over-year as prices rise somewhat. EIA expects production in the later part of 2016 and 2017 will pick up, particularly as new pipeline projects come online in the Marcellus and Utica shales....MUCH MORE