Active Rigs Slip To 61 -- June 27, 2019

Note the completion strategy of the one well coming off the confidential list today (see below).

One well coming off confidential list today -- Thursday, June 27, 2019: 77 for the month; 266 for the quarter;

• 34090, 150, Oasis, Aagvik 5298 13-26 12T, 50 stages, 4 million lbs,  Banks, t1/19; cum 83K 4/19

Active rigs:

$59.10	6/27/2019	06/27/2018	06/27/2017	06/27/2016	06/27/2015
Active Rigs	61	65	59	30	75

RBN Energy: new western Canadian crude pipelines crawl toward completion.

For more than six months now, the provincial government of energy-rich Alberta has been trying to mitigate the sometimes painful effects of having too little pipeline capacity to move crude oil to market. They’ve mandated production cuts by larger producers, contracted for crude-by-rail (CBR) services — then moved to undo those deals — and pressed the Canadian government to help advance long-delayed pipeline projects.

Things appear to have reached a semi-happy medium for now: the price spread between Western Canadian Select (WCS) and West Texas Intermediate (WTI) has narrowed, but remains wide enough to justify sending crude out by train. Still, it’s clear that the big tranches of new pipeline capacity many had hoped would be built or at least under construction by now face more hurdles. How long will Alberta producers need to wait for unfettered pipeline access to the U.S. Midwest and Gulf Coast and to Canada’s West Coast? Today, we provide an update on WCS pricing, Alberta crude-by-rail, and the key pipeline projects that never seem to get finished.