Friday, August 12, 2016

Director's Cut With June, 2016, Data -- August 12, 2016

Link here. Lots of new federal rules, proposed and existing.

Crude oil production:
  • June: 1,026,584 bopd
  • May: 1,047,003 bopd
  • Delta: -1.95%
Producing wells:
  • June: 13,239
  • May: 13,171
Crude oil production / well:
  • June: 77.5
  • May: 79.5
  • For newbies: at the height of the boom, production per well in North Dakota had approached 100 bbls/day; unfettered, wells can easily move back to 100+ bbls/day; this gives one an idea of how much wells have been choked back or take off-line periodically.
Permitting:
  • July: 86
  • June: 65
  • May: 42
Pricing:
  • Today: $32.25
  • July: $35.57
  • June: $38.75
  • May: $33.74
Well completions:
  • June: 44
  • May: 45
  • In July, 2016, 49 wells came off the confidential list - so it appears, the drilling and completing is about equal; the reason DUCs continue to fall is because fewer wells are being drilled to begin with; and, as noted, fracking continues
DUCs:
  • Today: 887
  • End of June: 931
Inactive well count:
  • Today: 1,486
  • End of June: 1,584
Percentage of gas flared: 9.8%
  • Target: 91% capture rate by November 1, 2020
  • Tioga gas plant still at only 81% capacity
  • gas gathering project south of Lake Sakakawea now estimated completion in January, 2017 -- not long from now -- but huge bureaucratic delay 

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