Link here.
March, 2020. When looking at the final column, one must take into account:
- the natural decline rate of all oil wells
- the shutting in of new wells due to the slump in prices; WTI actually went "negative" during this period
- the overall slowdown in drilling due to the decline in oil prices; it's the new wells that positively impact the last column
From the archives, link here:
May, 2020 - May, 2017, a decline: (1,109 - 1,130)/1,130 = a decline of 1.9%. Greatly affected by the price of oil.
June, 2020 - June, 2019, an increase: (1,309 - 1,138)/1,138 = an increase of 15%. Effect of rig counts normalizing in response to Saudi surge and the low price of oil.
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Word For The Day
Sophrosyne.
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