Friday, November 15, 2013

Director's Cut -- Data For September, 2013 -- 931,940, A New All-Time Record

Disclaimer: there may be typographical errors. The original document can be found at the NDIC website

At this post (click on that in blue), I track projections at 1%, 2%, and historical changes over the past two years. 

A 2.28% increase in crude oil production on a daily basis (a new record):
  • September oil: 931,940 bopd
  • August oil: 911,186 bopd
A 2.18% increase in number of producing wells (a new record):
  • September wells: 9,682
  • August wells: 9,475
  • October permitting: 267
  • September permitting: 287
  • August permitting: 276
  • All-time high: 370 in October, 2012
  • Today: $71.25
  • October: $85.16
  • September: $92.96
  • August: $93.97
Some comments:
Although the drilling rig count was unchanged from August to September, the number of completions rose sharply from 153 to 207. This resulted in a 2% increase in oil production.

Drilling crews drilled approximately 1.5 wells for every well that completion crews put on prodcution. Industry reports that this is a result of batch processing on multi-well pads.

Days from spud to intial production remained stady at just over 100.

The NDIC estimates that 520 wells are awaiting completion.

Crude oil takeaway capacity is expected to be adequate as long as rail deliveries to coastal refineries keep growing.

The percentage of gas flare is back down 1% to 29%.

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