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

EIA dashboards:

• EIA pdf, Bakken: https://www.eia.gov/petroleum/drilling/pdf/bakken.pdf
• EIA, pdf, Permian: https://www.eia.gov/petroleum/drilling/pdf/permian.pdf
• EIA, pdf, Eagle Ford: https://www.eia.gov/petroleum/drilling/pdf/eagleford.pdf

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.