Director's Cut -- June, 2017, Data

From The Director's Cut

June, 2017, Data

From Reuters: ND oil production slips about 1% in June. Or they could have said, ND production slipped less than 1% in June.

North Dakota's oil output slipped about 1 percent in June but should remain above 1 million barrels per day for the foreseeable future.

The optimistic outlook comes as the state's shale producers have found a way to survive low oil prices with new technology and process improvements.

North Dakota, the No. 2 U.S. oil-producing state, has largely taken a back seat in the past year as companies in the Permian Basin of Texas and New Mexico - the largest U.S. oilfield - battle with the Organization of the Petroleum Exporting Countries for global energy market dominance.

Link here.

The usual disclaimer applies.

Oil production

• June, 2017: 1,032,495 bopd (9.6% more than in December, 2016)
• May, 2017: 1,040,995 bopd
• Delta: -8,500 bopd; -0.8%

Producing wells:

• June, 2017: 13,915 (395 more than in December, 2016)
• May, 2017: 13,885
• Delta:  +30; 0.2%

Permitting

• June, 2017: 109
• May, 2017: 100

Oil price:

• today: $38.25
• July:$35.83
• June: $34.72
• May: $37.85

Rig count:

• today: 57
• July: 58
• June: 55
• May: 50

Wells not producing:

• waiting on completion: pending; 865; up 35 from the end of May to the end of June
• estimated inactive well count: 1,458; down 53 from the end of May to the end of June

Takeaway capacity:

• June data: including CBR to coastal refineries is more than adequate
• May data: including CBR to coastal refineries is more than adequate (major change in verbiage)

Natural gas capture:

• statewide: 88%
• FBIR: 79%
• goal: 88% through October 31, 2020; then 91%
• comment: the trend continues -- large amount of flaring on BLM land