I was reminded of that when I saw this headline over at oilprice.
For the record:
- oil rigs fell by 11 (to 789; or a decrease of 1.375% -- big whoop!)
- natural rigs actually increased by 2 (to 186, or an increase of 1% -- another big whoop!)
- overall, a net decrease of 9 rigs (or a decrease of 0.9% -- not even a 1% decrease and that's the big headline -- wow -- completely missing the point)
By my reckoning there are upwards of three-years worth of inactive wells/DUCs in the Bakken. Stop drilling in the Bakken today, and the state could clip along for three years just be bringing those wells into production.
And that doesn't even count the tens of thousands, perhaps twenty thousand wells that should be re-fracked in the Bakken with modern completion strategics and state-of-the-art technology.
I don't track the numbers in the Permian but my hunch is that at some point in the future, the similar data point in the Permian will be upwards of 10 times what it is in the Bakken.
I track the number of DUCs and inactive wells in North Dakota at this site.
One can also track posts on DUCs using this "search."
- number of DUCs
- fracking backlog
- drilling rig efficiency
- the EPA drilling reports (the "dashboards")
- regionally, the rig numbers, not the global numbers; and,
- rigs being added or taken down on a percentage basis
Some oft-visited posts:
- Update regarding ND DUCs, June 29, 2019
- DUCs -- It's Complicated, January 20, 2019
- DUCs in North Dakota continue to increase, August 17, 2018
- What's with all the DUCs? RBN Energy -- February 14, 2017
- Update on DUCs -- Rystad Energy, August 5, 2016
- Thoughts on DUCs? NY Times -- February 19, 2016
- DUCs -- Rigzone Analysis -- December 15, 2015