If I find the link again I will post it, but it doesn't interest me enough to go looking for it, but it's being reported (IIRC) that the number of completions in the Permian decreased by 12% in July, 2019.
I used to track completion data in the Bakken, but not so much any more. The completion rate seemed fairly stable, but I was curious.
In the most recent Director's Cut (June, 2019, data): the completion activity as reported by the NDIC:
- June, 2019: 95 (preliminary)
- May, 2019: 113 (revised)
- April, 2019: 101 (final)
Percentage change in completions:
- From April: a 6% drop in June
- month-over-month, from May: a whopping 16% drop
Completion rates will vary due to weather, workforce, and price of oil, according to the NDIC. I also think it will vary according to companies meeting their quota requirements (contracts). June was the last month of the second half, and I'm convinced that operators had met their quota requirements by early June.
the national completion rate was at a 54 month high in July, as per the productivity report. surprised me, because drilling new wells is at a 16 or 18 month low, depending on the source...
ReplyDeletei wrote about that this week, and that global demand for oil exceeded supply by 2 million bpd in July, both stories that i haven't seen elsewhere..
I can't speak for the other plays, but the new wells in the Bakken are quite incredible. In addition, older wells that are being re-fracked, I don't think, show up as new completions. I would have to spend a bit of time on this but I think the combination of incredibly great new wells -- well beyond what was the norm two or three years ago and all the re-fracks is resulting in huge production even though completions are down.
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