Director's Cut Is Out; February, 2015, Data

Link here.

Disclaimer: this update is always done in haste; typographical errors are likely. This is for my use only. If this is important to you, you should go to the source. 

Comments on today's Director's Cut can be found here. 

Oil:

• February, 2015: 1,177,094 (preliminary --
• January, 2015: 1,191,198 (all time high was last month)
• December, 2014: revised, 1,227,483 (preliminary - 1,227,344 bopd - preliminary, new all-time high)
• delta: 14,104 bopd; decrease of 1%.

Producing wells: 

• February, 2015: 12,197 (preliminary -- new all-time high)
• January, 2015: 12,181 (preliminary -- new all-time high)
• December, 2014: 12,134 (preliminary, new all-time high)
• November, 2014: 11,951 (revised); 11,942 (preliminary, new all-time high)
• October, 2014: 11,892; revised 11,942 (preliminary, new all-time high)
• September, 2014: 11,758 (revised); 11,741 (preliminary; new all-time high)
• August, 2014: 11,565

Permitting:

• March, 2015: 190
• February, 2015: 197
• January, 2015: 246
• December, 2014: 251
• November, 2014: 235
• October, 2014: 328
• September, 2014: 261
• August, 2014: 273
• All-time high was 370 in 10/2012
  

Pricing:

• Today, 2015: $36.25 (lowest since February, 2009, and January, 2015) (all-time high was $136.29 7/3/2008)
• March, 2015: $31.47
• February, 2015: $34.11
• January, 2015: $31.41
• December, 2014: $40.74
• November, 2014: $60.61
• October, 2014: $68.94
• Sept, 2014: $74.85
• August, 2014: $78.46

Rig count:

• Today: 91(lowest since January 2010) (all time high was 218 on 5/29/2012) 
• March: 108
• February: 133
• January: 160
• December, 2014: 181
• November, 2014: 188
• October, 2014: 191
• Sept, 2014: 193
• August, 2014: 193
• July, 2014:  192

Director's comments:

Oil price is by far the biggest driver behind the slow-down, with operators reporting postponed completion work to avoid high initial oil production at very low prices and to achieve NDIC gas capture goals.

Drilling rig count:

• dropped 17 from March to today
• dropped 25 from February to March
• dropped 27 from January to February
• dropped 7 from November to December
• dropped 21 from December to January
• dropped 23 from January to today

Rig utilization:

• has fallen rapidly
• 20,000+ feet rigs: 50%
• shallow well rigs: 30%

Well completions:

• February: 42
• January: 63
• December: 173 (preliminary)
• November: 48

Weather:

• no major precipitation events
• only 5 days with wind speeds in excess of 35 mph (too high for completion work)
• 8 days with temperatures below -10F

Wells waiting to be completed:

• At end of February, an estimated 900 wells waiting to be completed, an increase of 75
• March, 2015, Director's Cut -- 825 wells -- an increase of 75-- January data
• Previous Director's Cut -- 750, a decrease of 25
• Red Queen: 110 - 120 completions per month to maintain 1.2 million bopd (note: completions are down to 42 in February)

Flaring:

• decreased to 19%
• Tioga gas plant increased to 84% of full capacity
• expansion of gas gathering from south of Lake Sakakawea is still delayed

Gas capture statistics:

• statewide: 81% (October 2014 target was 74%; January 2015 capture target is 77%)
• FBIR: 83% (up from 79% last month, which was up from 77% the month before)