Bakken Production -- February, 2021 -- The Director's Cut -- A Closer Look -- April 16, 2021

Take another look at the February data at the Director's Cut that was posted yesterday. 

First, this:

Crude oil production:

• February, 2021: 1,083,020 bopd (prliminary)
  
• January, 2021: 1,147,374 (preliminary); 1,147,377 (final)
  
• December: 1,192,145 (preliminary); 1,191,429 bopd (final)
  
• November: 1,224,540 (preliminary); 1,227,138 bopd (final)
  
• October: 1,222,871 bopd (preliminary); 1,231,048 bopd (final)
  
• delta:  -64,357 bopd (this is interesting
  
• delta:  -5.6%
  

Now, this:

Number of producing wells:

• February, 2021: 15,773 (preliminary)
• January, 2021: 15,861 (revised)
• December, 2020: 15,798 (preliminary -- I forgot to update it)
• November, 2020: 15,601 (preliminary -- I forgot to update it)
• October, 2020: 15,512 (preliminary); 15,524 (final)

In addition to whatever observations / thoughts you have with regard to the data above, be sure to ask this one question:

• with WTI at recent highs, and with more than adequate takeaway capacity (DAPL is not yet shut down) why did operators take so many producing wells off line (no, this is not likely the result of weather, although I could be wrong on that)?
• number of producing wells dropped by 5.6%

From the NDIC, historical monthly oil production statistics:

• First column: Year
• Second column: Month
• Third column: BBLS oil, total for the month
• Fourth column: daily oil, bbls
• Fifth column: number of wells that were actively producing (includes all ND wells, not just Bakken wells)
• Sixth column: bbls of oil per producing well, average, for the entire month
• Seventh (last column): bbls of oil per producing well, on average, on a daily basis;

With regard to DUCs, no analysis is possible until we get to summer.