Updates
Later, 11:02 a.m. CT: see comments --
Everyone misses the important part of that report: completions. The completion data is buried in the Excel file titled "DUC data (aggregated by region)" on the sidebar.
In sum, 705 wells were completed and brought into production in April, a decrease of 365 well completions from the 1,070 completions seen in March, and down from the 1,281 completions seen in April last year.
Completions: from the Director's Cut, Bakken completions going back to last year:
- March, 2020, preliminary: a whopping 120 wells were completed in March, 2020
- February, 2020, final: 57
- January, 2020, final: 70 (revised)
- December, 2019, final: 88 (revised)
- revenue forecast: 90
- November, 2019, final: 92
- October, 2019, final: 102
- September, 2019, final: 117 (revised up from 94) (revised a second time, up from 112)
- August, 2019, final: 102
- July, 2019, final: 137
- June, 2019, 102 (revised, last month's report); revised again, now, 123
- May, 2019, 113 (final)
Original Post
Headline: "Permian Basin leads decline in US shale." -- Link here.
Fact check. Link. Graphic:
The problem with the headline and the graphic: no percentages -- just raw data.
With percentages for the three main US shale crude oil plays:
Play: May / June / Change / Percent m-o-m:On a percentage basis, the Eagle Ford is predicted to have the biggest decline m-o-m in crude oil production. The Permian is forecast to come in second, and the Bakken, on a percentage basis, is projected to have the smallest decline.
- Bakken: 1,135 / 1,114 / 21 / 1.85% decrease
- Eagle Ford: 1,210 / 1,174 / 36 / 2.98% decrease
- Permian: 4,377 / 4,290 / 87 / 1.99% decrease
Natural gas, decline on a month-over-month basis:
- Eagle Ford: 1.94%
Permian: 1.3% - Bakken: 0.94% (best in show; LOL)
everyone misses the important part of that report; completions...they're buried in the excel file titled "DUC data (aggregated by region)" on the sidebar....in sum, 705 wells were completed and brought into production in April, a decrease of 365 well completions from the 1,070 completions seen in March, and down from the 1,281 completions seen in April last year..
ReplyDeleteI track DUCs and active wells at this post (http://themilliondollarway.blogspot.com/2018/07/update-on-ducs-july-14-2018.html) but I don't track completions at the same post. I may have to add that data point. Thank you.
DeleteI report the Bakken completions each month (from the monthly Director's Cut).