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Lynn Helms - Director's Cut

Mar 15, 2019

Lynn HelmsOil Production
Dec: 43,484,961 barrels = 1,402,741 barrels/day 
Jan: 43,474,458 barrels = 1,402,402 barrels/day 

Gas Production
Dec:  82,192,626 MCF = 2,651,375 MCF/day 
Jan:  84,320,173 MCF = 2,720,006 MCF/day (NEW all-time high)

The drilling rig count has remained relatively stable and was down one from December to January, decreased three from December to February, and is currently down one from January to today.  Helms expects small incremental rig additions as the year moves forward ultimately reaching near 70 by the end of the year.

The number of well completions has become variable again due to oil price, gas capture, workforce, and weather:
  • November 96 (Final)
  • December 113 (Final)
  • January 79 (Preliminary)
The number of producing wells in North Dakota in January stands at 15,397 (Preliminary) up 28 from December and creating a new all-time record high.

OPEC is maintaining compliance with a plan to decrease production through the first half of 2019 to balance Venezuela’s export collapse and exemptions to US sanctions on Iran.  Futures markets and EIA now anticipate oversupply through year end 2020.  US crude oil inventories are now above the long term average, but the high demand season is now approaching. 

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