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Lynn Helms - Director's Cut

Feb 15, 2019


Lynn HelmsOil Production
Nov: 41,304,086 barrels = 1,376,803 barrels/day (Final) 
Dec: 43,442,924 barrels = 1,401,385 barrels/day (NEW all-time high) 

Gas Production
Nov:  75,633,848 MCF = 2,521,128 MCF/day 
Dec:  82,150,203 MCF = 2,650,007 MCF/day (NEW all-time high) 

The drilling rig count was down three from November to December, increased three from December to January, and is currently down two from January 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 rigs in 2019 depending on workforce and infrastructure constraints. 

The number of well completions has become variable again due to oil price, gas capture, workforce, and weather:
  • October 114 (Final)
  • November 85 (Final)
  • December 110 (Preliminary)

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. 

The number of producing wells in North Dakota in December stands at 15,351, just one short of the all-time record set in October 2018. 

Click here for the full report.

 
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