Active Rigs Stable At 53 -- August 23, 2017

Note regarding DUCs: yesterday, a reader asked about reporting of DUCs. Here's a good example. This well was fracked/tested earlier this spring (tested in April, 2017) and yet it was not reported until today:

Wednesday, August 23, 2017

• 33211, SI/NC, XTO, Lundin 11X-4E, North Fork, t4/17; cum --

When I see a DUC being reported as completed in the same month that it was tested, it suggests to me that the operator completed the well just under the wire -- just before the two-year deadline expired.

For example, this is August, 2017. Any DUC reported as being completed this month, I assume it was completed just as the deadline was about to expire.

I may be wrong, but that's how I see it.

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Active rigs:

$47.73→	8/23/2017	08/23/2016	08/23/2015	08/23/2014	08/23/2013
Active Rigs	53	31	76	192	182

RBN Energy: E&Ps maintain accelerated spending despite oil price decline.

Despite a 12% decline in crude oil prices from their December 2016 highs, the 43 top U.S. exploration and production companies (E&Ps) we’ve been tracking are largely maintaining their aggressive 2017 drilling and completion capital spending plans, announcing a mere $1.0 billion — or 1.5% — decline in total investment since the plans were unveiled. The industry’s apparent confidence in the long-term profitability of its aggressive development of the major U.S. resource plays is in sharp contrast with eroding investor sentiment that has driven Standard & Poor’s (S&P) E&P Index 29% lower than its late-2016 peak.

The companies that announced modest investment reductions — about one-third of our universe of 43 E&Ps — cited cost savings from increased drilling efficiency and divestments as well as the lower short-term price outlook as reasons for the cuts. Today we review the changes in the overall outlook for 2017 upstream capital spending and oil and natural gas production, and take a quick peek into our three peer groups: those that focus on oil, those that focus on gas, and diversified E&Ps.

Suit! DAPL owner sues Greenpeace, arguing it broke organized crime law. Link at Washington Post. The "discovery" portion of the jury case should be enlightening.