All That Talk About Fewer Rigs -- Coming True -- North Dakota Down To 53 -- November 7, 2019

Active rigs:

$57.11	11/7/2019	11/07/2018	11/07/2017	11/07/2016	11/07/2015
Active Rigs	53	67	54	38	64

Seven wells coming off the confidential list yesterday, today -- Thursday, November 7, 2019: 26 for the month; 121 for the quarter:

• 36353, conf, Abraxas, Jore Yellowstone 2H,
• 35441, conf, Hess, GO-Elvin Garfield 156-97-1918H-9,
• 35294, conf, BR, Prairie Rose 1A MBH-ULW,

Wednesday, November 6, 2019: 23 for the month; 118 for the quarter, NDIC shows these wells should have been reported yesterday but are still confidential:

• 35437, conf, Hess, GO-Elvin Garfield 156-97-1918H-1,
• 35283, conf, Enerplus, Mulberry 149-93-21B-22H-TF, 
• 34947, conf, Whiting, Moline 41-15-1H,
• 34926, conf, CLR, Collison 9-23H1, 

Yesterday, daily activity report, only three wells released from the confidential list -- EOG Parshall permits  -- PNC

• 32227, PNC, EOG, Van Hook 51-2523H, Parshall,
• 32228, PNC, EOG, Van Hook 53-2523H, Parshall,
• 32229, PNC, EOG, Van Hook 56-2523H, Parshall,

Wells scheduled to come off confidential list yesterday have not yet been reported, for example:

RBN Energy: crude oil pipeline rate compression from Permian and Cushing to the Gulf Coast

Like the proverbial dog who finally catches the truck he’s been chasing, only to wonder what to do next, midstreamers at long last have brought on enough crude oil pipeline capacity to move Permian barrels to the Gulf Coast. In fact, right now there appears to be more than enough pipeline space, with several pipes flowing less than their capacity. What midstream companies now face is a race to the bottom as their pipelines compete with each other to attract barrels by offering service to Gulf Coast markets at the lowest price — resulting in transportation rate compression. Today, we begin a blog series on the tug-of-war for barrels and its effect on prices.

Crude oil production growth in the Permian Basin has been meteoric. The region’s output has more than doubled since the beginning of 2017, from about 2.1 MMb/d then, to more than 4.6 MMb/d today. As production ramped up, midstream companies scrambled to develop and build outbound pipelines to move those barrels to market, primarily to points along the Gulf Coast for refinery use or exports.