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DUC and Cover: Haynesville Crosses 60 Rigs as Producers Bank Wells

DUC and Cover: Haynesville Crosses 60 Rigs as Producers Bank Wells

ArkLaTex, Expand Energy, Haynesville, Natural Gas, The Daley Note

Posted by:  East Daley Analytics  May 5, 2026

https://eastdaley.com/daley-note/duc-and-cover-haynesville-crosses-...

Drilling in the ArkLaTex Basin (Haynesville) has staged a sharp recovery over the past 18 months, reaching a multi-year high of 60 active rigs. And while the recovery is real, the behavior of operators behind the numbers tells a more interesting story.

Historical and forecasted rig activity is available in the ‘ArkLaTex Basin Production Outlook’ dashboard in East Daley Analytics’ Energy Data Studio. Haynesville rig counts bottomed at 36 in December 2024, down from 54 at the start of the year. Rig counts since then have steadily marched higher, passing 60 in February and holding near that level in our latest weekly count (see figure below).

Apex Natural Gas is the headliner of the current cycle. The operator (formerly Paloma Natural Gas, now under Citadel ownership) ran essentially no rigs in the Haynesville entering 2024, but has since executed the most aggressive ramp-up in the basin’s recent history. Apex became the most active Haynesville operator by early 2026, deploying as many as 13 rigs at a time. That program has generated 40 drilled but uncompleted wells (DUCs), nearly all spudded after mid-2025. In 1Q26 alone, 17 wells drilled by Apex have been left uncompleted.

Expand Energy (EXE) entered 2024 as the clear basin leader, running ~13 rigs. It has since shed 8 rigs. Despite pulling back on drilling activity, Expand holds 33 DUCs, the second-largest inventory among the five largest operators in the basin. Accounting for the quality of EXE’s acreage, those DUCs edge out Apex for first place in terms of total latent supply. Comstock Resources (CRK; 31 DUCs), Aethon/Adamas combined (27 DUCs), and TG Natural Resources (18 DUCs) round out the picture.

Across the five producers, 149 wells sit drilled and uncompleted as of April 2026. The recent DUC build is consistent among Haynesville operators and is not incidental. The decision to stockpile wells reflects a coordinated industry posture: drill to prepare supply ahead of time, then manage the completion decision based on the price environment. The inventory that has accumulated as a result represents a material call option on near-term Haynesville supply.

See East Daley Analytics’ ArkLaTex Supply & Demand Report for more on the basin outlook. – Oren Pilant Tickers: CRK, EXE.

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Replies to This Discussion

Permalink Reply by John Smith on May 20, 2026 at 10:39

Skip,

What are the rules for wells being drilled up to another section?   How many feet before drilling up to the next section?

I thought it was 350 feet.  

Thanks,

John


Oil & Gas ProPermalink Reply by Skip Peel - Mineral Consultant on May 20, 2026 at 10:51

The north -south setback was 300", it is now 100' unless it is an HC (Horizontal Cross).  In that case a well will only have a set back in the first and last unit.  In a three unit HC, there is no setback for the middle unit/section.  The east-west setback is no effectively gone as the state allows operators to drill straight down the line between units.  I'm seeing more and more of those as operators look to squeeze every last recoverable molecule from their units.

Permalink Reply by John Smith on May 20, 2026 at 12:22

Thanks Skip

Permalink Reply by Jimmy Hamiter on Thursday

Skip,

I'm curious. I've been following 4 new wells Comstock has drilled in the Spider field that cross my section. Well status reached scout code 31 for these wells at different dates between late December '25 and early February '26. Status for all 4 wells moved to 09 reported on May 13. They have progressed under 09 with another status report date of May 19 and the latest as of today (May 28). Would that indicate Comstock is moving forward with these wells fairly soon? Or is it still possible they could bank them as noted in the article? Thanks in advance for your advice. I'm always trying to learn!


Oil & Gas ProPermalink Reply by Skip Peel - Mineral Consultant on Thursday

Status 31 indicates Waiting On Completion.  Scroll down to the bottom of the SONRIS well file and see if there has been a work permit approved for the frack.  That usually comes fairly soon after the permit date although the work permit is effective for 12 months.

Permalink Reply by Jimmy Hamiter on Friday

Thanks Skip. Work permits were issued in January for 2 wells and in February for the other 2. 


Oil & Gas ProPermalink Reply by Skip Peel - Mineral Consultant on Friday

Then I expected they have been fracked by now.  That's a guess because I don't know how many completion crews CRK is running in the LA Haynesville.  In my experience it would be no more than a couple of months before a crew was assigned.  You might want to click on one of the well serial numbers in blue and see what reports have been filed with the state.  Maybe some correspondence. Look for the most recent dates.

Permalink Reply by Jimmy Hamiter on Friday

Thanks again. Yes, I periodically check the reports. Nothing updated since March. I'll keep checking.


landownerPermalink Reply by G-Dawg yesterday

Hey Skip, any new wells drilled down near Logansport off Hwy 191 and 763?


Oil & Gas ProPermalink Reply by Rock Man yesterday

As per ENVERUS, no new permits in that area over past 36 months


Oil & Gas ProPermalink Reply by Skip Peel - Mineral Consultant 22 hours ago

See Rock Man's answer above.

Permalink Reply by Rickybobby yesterday
Anybody looking to sell their minerites I'm willing to buy? I pay top dollar. I take any production. Buy buy buy who wants to sell me their men and rights a skip? You got anything for sale. I buy all Em that you got for sale.

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