On a July road trip through northeastern Texas, Houston-based research analysts found undeniable indicators of the faltering demand for oilfield services in the dry Haynesville shale-gas play. “The first observation from the road and our facility drive-by’s was the significant amount of equipment parked in most of the companies’ yards...,” they report.

  “In addition, our trip entailed nearly 500 miles on the highway and we didn’t see a single drilling rig operating.”

  Just south of their stops in Waskom, Tyler and Longview, Texas, though, drilling action is rigging up in ...