Oil & Gas Pro

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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Oil & Gas ProPermalink Reply by Skip Peel - Mineral Consultant 21 hours ago

Kenneth, solicitations to purchase minerals are a direct violation of site rules on the main page.  Solicitations are allowed in groups.  Please delete your reply above.


landownerPermalink Reply by Birdsview 17 hours ago
Hey Skip, hope things are going well for you and your family. I Had a question can you tell me in Section 19 in the DeSoto parish Section 19 , Township 14 N. , Range 14 W. how much of the Bossier shale is in our section. No rush just whenever you can get around to it.
Much thanks

Oil & Gas ProPermalink Reply by Skip Peel - Mineral Consultant 17 hours ago

Hi Birdsview,  there is certainly Mid-Bossier Shale in your section.  The question is, at what price is it worth drilling.  Presently wells completed in the Bossier draw a line west to east across the fairway at about the mid point of the 13 North townships.  That imaginary line is lower 13 North on the west perimeter and in the upper 13 North townships on the eastern perimeter.  There have been a few exploratory Bossier wells drilled north of that line but they are few in number and less productive than the Haynesville.  Currently 19-14N-14W is too far north for current natural gas prices.  Natural gas prices would likely need to $4.50 or higher depending on location.  Disclaimer: the line where Bossier is economic and where it is not is not a straight line and my crystal ball is subject to the usual discrepancies.


landownerPermalink Reply by james chism 3 hours ago
We have gas producing wells in the Cypress Creek foeld in Columbia County, AR. Urban Oil bought the leases and are a holding company who does not seem to be interested in doing nothing to drill new wells on existing expired permit that Marathon/Haliburton held.
They seem content with t he current poor production rather than reworking the existing wells to get more production. Do we have any recourse? You can never get a person on the phone.

Oil & Gas ProPermalink Reply by Skip Peel - Mineral Consultant 2 hours ago

james, I'm not familiar with Urban Oil and Gas.  From the company's website they fit the profile of those companies that acquire declining reserves, mange them without drilling new wells and then attempt to sell them when the profit margin gets too thin.  This is a segment of the O&G industry that gets little media coverage.  Although I doubt Urban will drill few if any new wells, they may work over some of the producing wells they acquired.  There is little remaining in Columbia County to draw interest in drilling new wells.  All O&G companies are hard to get on the phone.  Try to get an email address and someone who handles customer service inquiries. Then keep those emails.  You might also review your lease to make sure you know what it does and doesn't allow.  Good luck.

https://www.urbanoilandgas.com/who-we-are

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