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Lynn Helms - Director's Cut

Nov 16, 2018

Lynn HelmsOil Production
August 40,067,657 barrels = 1,292,505 barrels/day (Final)
September 40,777,699 barrels = 1,359,256 barrels/day 
(NEW all-time high tops August record)

Gas Production
August 75,733,300 MCF = 2,443,010 MCF/day
September 75,960,541 MCF = 2,532,018 MCF/day
(New all-time high tops August record)

The drilling rig count was up four from August to September, increased two from September to October, and is currently down five from October to today. Operators have shifted from running the minimum number of rigs to incremental increases and decreases based on gas capture, completion crew availability, and oil price. Current operator plans are to add 1-5 more rigs in 2019 depending on workforce and infrastructure constraints.

The number of well completions has become variable again due to gas capture, workforce, and weather at 134 (final) in July, 123 (final) in August, and 91 (preliminary) in September.

OPEC approved a plan to increase production through the second half of 2018 to offset Venezuela’s export collapse and US sanctions on Iran. Due to the number and size of exemptions issued for the Iran sanctions along with slower economic growth around the world, crude oil futures markets appear to anticipate oversupply. US crude oil inventories are well above the long term average.

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