Compare January, 2020, Data WIth January 2021, Data; Note: Rig Count -- Rigs Don't Matter -- March 11, 2021

Rigs don't matter (don't take that out of context):

• One year ago, there were 55 active rigs, production: 1.4 million bopd
  
• One year later, a total of 12 active rigs, production: 1.1 million bopd.

In case you missed that, let's repeat it:

• one year ago: 55 active rigs (really, really expensive to run 55 rigs)
• one year later: 12 active rigs (not so expensive to run just 12 rigs; and not only that, CWC have come down over the past year;

Active rigs:

$66.02	3/11/2021	03/11/2020	03/11/2019	03/11/2018	03/11/2017
Active Rigs	15	56	65	59	45

One has to ask: why run 55 rigs when 12 rigs seem to get about the same amount of production? Asking for a friend.

Comparing a year ago, January, 2020, data, with this year's, January, 2021 data.

January, 2020: production data posted.

• Month-over-month crude oil production drops 3.2%.
• rig count: 55
  
• January, 2020, preliminary: 1,429,515 bopd 
  

This year, January, 2021 data, linked here;

• Month-over-month crude oil production drops 3.7%.
• 12 rigs
• crude oil production: 1,147,374 (preliminary) 

Again, this is not like 55 rigs vs 50 rigs or even 45 rigs. This is 55 rigs vs 12 rigs. Just saying. And this has been going on for a year. Drilling came to a stop last March, 2020.

Yes, this will eventually catch up with us, but the operators are managing their assets very, very well. 

Disclaimer: I am inappropriately exuberant about the Bakken. And rational person would say this can't go on forever. But CLR, is going to systematically drill out 70 wells in the Long Creek Unit with two rigs over three years. 

By the way, this is how one makes the case for free cash flow (FCF): run 12 rigs instead of 55 and manage to get about the same amount of production.