As much as 10 percent of U.S. fracking work could be delayed after Hurricane Harvey ripped through southeast Texas, soaking thousands of miles of dirt roads snaking through one of the nation’s busiest oilfields.
More than half of the rigs running in Texas’ Eagle Ford Shale are estimated to have suspended drilling because of the storm, Marshall Adkins, an analyst at Raymond James & Associates Inc., wrote Thursday in a note to clients. The muddy conditions left in Harvey’s wake will hinder the fracking sector that has consistently lagged speedier drilling crews.
Located in far southeastern Texas, the Eagle Ford was the only major American shale formation in the cross hairs of Harvey when it slammed ashore as a Category 4 hurricane last week. Major explorers including EOG Resources Inc. and Marathon Oil Corp. halted drilling and evacuated crews in anticipation of the storm, crimping as much as 57 percent of daily production, according to the Texas Railroad Commission.Click here to read more.
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