Wednesday, May 15, 2019

March, 2019 Data -- North Dakota Sets New All-Time Natural Gas Production Record; Almost Sets All-Time Crude Oil Production Record; Total BOEPD Probably Set A New All-Time Record

Disclaimer: in a long note like this there will be factual and typographical errors. I often make simple errors in arithmetic. If this is important to you, go to the source.

Crude oil production in March, 2019: 1,390,138 bopd
  • February, 2019: 1,335,591
    • average daily increase, month-over-month: 54,547 bopd
    • month-over-month increase: an increase of 4.1%
  • all-time high was January, 2019: 1,403,808
    • delta (January/March): - 13,670 bopd
    • delta (January/March): - 0.97%
Natural gas production in March, 2019: March, 2019: 2,801,434 MCF/day
  • this is a new all-time high; = 466,827 boepd
  • 466,827 + 61,390,138 = 1,856,96 boepd (which is most likely a new all-time record high)
  • this beats the "boepd" production in January, 2019
  • February, 2019: 2,631,118 MCF/day 
    • average daily increase, month-over-month: 170,316 MCF/day (28,381 boepd)
    • month-over-increase: 6.4%
Producing wells:
  • March, 2019: 15,353 -- well below the all-time high of 15,409 in January, 2019
  • February, 2019: 15,154
Permitting:
  • April: 129
  • March: 133 
  • February: 109
Crude price, ND light sweet/ WTI (per barrel)
  • All-time high:  $136.29 / $145.29
  • today: $50.50 / $61.78
  • April: $52.50 / $63.58
  • March: $48.00 / $55.01
  • February: $46.30 / $55.01 
Rig count
  • Today: 65
  • April: 63
  • March: 66
  • February: 64 
Off-line:
  • DUCs: 968 (up 74)
  • inactive: 1,697 (up 30)
Gas capture (flaring):
  • statewide: 80% captured
  • FBIR Bakken: 70% captured (69% last month; 71% two months ago)
  • goal; 88%
February, 2019, data here.

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Off-Line

March, 2019:
  • DUCs: 968, up 74 from last report
  • inactive: 1,697, up 30 from last report
  • total: 2,665 (up from 2,561 last week, about 1,000 more wells than will be drilled this calendar year)
February, 2019:
  • DUCs: 894, up 27 from last report
  • inactive: 1,5667, up a whopping 150 from last report
  • total: 2,561 (up from 2,332 last week, about 800 more wells than will be drilled this calendar year)
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EIA Dashboard: Bakken Region

Link: https://www.eia.gov/petroleum/drilling/pdf/bakken.pdf


Similar to Eagle Ford, except the Eagle Ford is much gassier; completely "swamps" the Permian

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