During the month, Basic's fluid service truck count remained unchanged at 915. Fluid service truck hours for the month were 184,900, compared to 195,900 and 171,700 in March 2012 and April 2011, respectively.
In looking at the current oil versus gas rig count, this is the first time since the early 1990s that the oil rig count in the U.S. has exceeded the gas rig count.
Industry metrics are reflecting changed budget priorities as 2012 gets under way. Many budgets are now liquids oriented and have a portion targeting expanded activity in the Midcontinent.
You know it’s bad when America’s champion of natural gas is no longer championing natural gas. Chesapeake is joining the small -- but growing -- list of operators who plan to curtail drilling in dry gas basins.