Saturday, July 25, 2020

The Bakken Is Back -- The EIA Dashboards -- July 25, 2020

EIA dashboards:
Superficially the graphs all look very, very similar but look closely.

Note: my commentary may be incorrect, there may be typographical and/or content errors, but the graphics speak for themselves.

Some observations:

Monthly additions from one average rig. bopd, month-over-month:
  • the Bakken+762; from 1,385 bopd in July to an unprecedented 2,147 bopd in August
    • rigs at all-time low; new-well oil production per rig at all-time high
    • previous high: 1490
    • new high: 2,147
    • percent increase over old record: a 44% increase
  • the Eagle Ford:  +627; from 1,789 bopd in July to an unprecedented 2,416 bopd in August
    • rigs at all-time low; new-well oil production per rig at all-time high
    • previous high: 1995
    • new high: 2,416
    • percent increase over old record: a 21% increase
  • the Permian:  +140; from 824 bopd in July to 964 bopd in August
    • rigs tie previous record low; new-well oil production per rig at all-time high, but not much increase compared to the Bakken or the Eagle Ford;
    • previous high: 805
    • new high: 964
    • percent increase over old record: slightly less than a 20% increase
Monthly additions from one average rig, natural gas, month-over-month:
  • the Bakken: +1266; from 2304 mcfpd in July to 3570 mcfpd in August
    • rigs at all-time low; new-well natural gas production per rig at all-time high
    • previous high: 2800
    • new high: 3570
    • percent increase over old record: a 28% increase;
  • the Eagle Ford:  +2164; from 6,184 mcfpd in July to 8,348 mcfpd in August
    • rigs at all-time low; natural gas production surges; new well production surges; legacy well production surges;
    • previous high: 6000
    • new high: 8348
    • percent increase over old record: a 39% increase,
  • the Permian:  +243; from 1624 mcfpd in July to 1867 mcfpd in August
    • natural gas production has shown almost no recovery, month-over-month;
    • previous high: 1300
    • new high: 1867
    • percent increase over old record: a 44% increase since 2016; 
The graphics:




Some time ago, I asked the question, which basin would recover the quickest? I think it's obvious, based on the charts.

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