Shout Out To Art Berman And Jane Nielson: Three All-Time Records Set In The Bakken -- September 14, 2018

Director's Cut -- July, 2018 Data

Shout-out to Art Berman and Jane Nielson.

Halloween just around the corner?


Sea of Heartbreak, Zombina and the Skeletones

Link here: for links to NDIC and the Director's Cuts. And to Art Berman's "shale is a retirement party."

Disclaimer: the Director's Cut summary that I try to do every month is done very, very quickly. There will be typographical and/or factual errors. That's why I have the link. If this information is important to you, go to the link.

Natural gas: the biggest natural gas field -- remember, we're talking about a natural gas field -- in the Mediterranean is producing 2 billion cfpd (the Zohr gas field here). Meanwhile, North Dakota, an oily play for all intents and purposes, where natural gas is a hassle, a danger, and a by-product, is producing 2.4 billion cfpd (assuming I'm doing the math right - which is a big assumption).

Red Queen? Hardly: The drilling rig count was up three from June to July, decreased five from July to August, and is currently up four from August to today.

Flaring: I was under the impression that the NDIC was going to stomp on operators this month if they didn't get the flaring issue under control. Flaring worsened, see below. And, yet, the state allowed a significant increase in the number of wells to be completed.

The number is: 1,269,366 bbls/day

• Crude oil: 1,269,366
• Natural gas: 2,400,174 MCF/day = 399,962 boepd
• Total: 1,669,328 boepd
• Previous record (last month): 1,608,797
• Previous record (previous month): 1,632,024 boepd
• Previous record (previous, previous month): 1,598,948 boepd

Crude oil production:

• July, 2018: 1,269,366 bbls/day
• June, 2018: 1,227,320 bbls/day
• May, 2018:  1,246,355 bbls/day (all-time high was 1,227,483 bbls/day back in December, 2014)
• Delta, month-over-month: + 42,046 bbls; UP 3.4% month-over-month

Natural gas production:

• July, 2018: 2,400,174 MCF/day (399,962 boepd) -- another new all-time record
• June, 2018: 2,300,103 MCF/day (383,287 boepd) -- string of new records broken
• May, 2018: 2,315,391 MCF/day (385,834 boepd) -- a new all-time record
• April, 2018: 2,242,093 MCF/day (374,000 boepd) -- record at the time
• March, 2018: 2,119,751 MCF/day (353,000K boepd) -- record at the time

Well Completions:

• July, completions, preliminary: 106
• June, completions, preliminary: 63 (preliminary): actual - 70 (final)
• May, completions, preliminary: 42 (preliminary); actual -- 72 (final)
• April, completions, preliminary: 69 (preliminary); actual --> 86 (final)
• March completions: 75
• February completions: 74
• January completions: 65

DUCs + inactive wells:

• July, 2018, DUCs and inactive wells: 2,429
• DUCs, waiting on completion: 943, down 50 from the end of June to the end of July
• inactive well count: 1,486, up 28 during same time period
• June, 2018, DUCs and inactive wells: 2,451
• May, 2018, DUCs and inactive wells: 2,451
• see "DUC commentary," dated June 29, 2018 

Flaring:

• statewide: 82% (down 1% from last month)
• statewide, Bakken: 84% (unchanged from last month)
• FBIR Bakken: 76% (down 3% from last month) -- federal; atrocious, compared to state
• ND goal: 88% capture; increasing to 91% beginning November 1, 2020

Missing comment of interest:

• Anything new about flaring?