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Lynn Helms - Director's Cut

May 15, 2020


Lynn HelmsOil Production
February - 1,451,681 barrels/day 
March - 1,428,273 barrels/day
(All-time high: November 2019: 1,519,027 BOPD)

Gas Production
February Production - 3,109,750 MCF/day
Gas Captured: 87% - 2,699,065 MCF/day
March Production - 3,125,895 MCF/day
(All-time high - 3,145,172 MCFD Nov 2019)
Gas Captured: 87% - 2,711,084 MCF/day (NEW all-time high)
 
The drilling rig count was stable in the mid 50s second half of 2019 through February 2020. Industry projected 50-75% reduction in rig count April – June and the count is already down 78% with 4-5 more rig leases expected.

The number of well completions has been very volatile and has dropped dramatically since March as the number of active completion crews decreasing from 25 to 1.

Lower crude oil price has put extreme downward pressure on rig and completion crew counts. Unemployment claims are published every Thursday indicating about 8,000 layoffs as of 5/14/20 with an additional 1,000-2,000 jobs at risk.

Drilling permit activity has slowed down due to oil price. Operators are attempting to maintain a permit inventory of approximately 12 months, some experienced drilling rig crews and experienced completion crews.

Click here for the full report.
 
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