The Briefing Room
General Category => Science, Technology and Knowledge => Energy => Topic started by: Smokin Joe on May 07, 2016, 02:55:14 am
-
Baker-Hughes North America Rig Count
http://phx.corporate-ir.net/phoenix.zhtml?c=79687&p=irol-reportsother (http://phx.corporate-ir.net/phoenix.zhtml?c=79687&p=irol-reportsother)
Additional links will take you to more information as well, and not just North America.
-
406 this week. This has to bottom out at some point.
-
406 this week. This has to bottom out at some point.
Back up to 388 land rigs as of 6/10, 5 inland water and 21 offshore for a total of 414 (not counting the GOM)
-
Of interest to you Joe? I know you were looking for info on 'Drilled but Uncompleted"
-
Of interest to you Joe? I know you were looking for info on 'Drilled but Uncompleted"
Thanks, and yes, this is of interest. Nearly 90% of the drilling rigs we had at the peak are in the weeds, shut down. While those here are drilling more efficiently than ever, limited numbers of wellsites mean limited business opportunities.
-
Over 3000 wells to be completed still. I don't think they can finish them all before this time next year.
-
Over 3000 wells to be completed still. I don't think they can finish them all before this time next year.
They likely won't. One well on the lease is enough to hold by production. Up here, it is not uncommon to have another three to seven wells in different parts of the target zones spread out across the width of the rectangle (1280 acre/2 section spacing), usually two to four in the Three Forks, two to four in the Middle Bakken, sometimes additional wells in the second zone in the Three Forks, and sometimes (when present) wells in the Pronghorn (a unit between the lower Bakken Shale and the Top of the Three Forks that isn't as universally present in the Basin).
It is cheaper to drill them while the rig is moved in and set up, and let the additional wells wait for better economics to frac them. In the event that prices shifted suddenly, the 'fraclog' (backlog of completion work) would likely get longer, not shorter, as drilling resumed, but in the event of a slower price recovery, it may be that those wells would be fracced before additional wells were drilled. Some operators may just be waiting from frac costs to drop as competition makes the market for services more cutthroat, but the inventory of DUC wells may keep that from being as much a drop as they would like. Others may be waiting on infrastructure or takeaway capacity which is cheaper to ship crude on (pipelines, for instance).
I would expect similar market driven factors affecting the DUC wells in other areas like the Permian Basin, Marcellus, Utica, and the Haynesville, for instance, and similar rationales affecting the completion of those wells.
-
US Rig count at 464 total, 17 of which are offshore, as of 8/5/2016
-
North American Rig count http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9NjYzMzY5fENoaWxkSUQ9MzcwNjYzfFR5cGU9MQ==&t=1 (http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9NjYzMzY5fENoaWxkSUQ9MzcwNjYzfFR5cGU9MQ==&t=1)
Up to 789 in the US, counting offshore. See above for breakdown for North America for March so far, by State/District
-
Almost doubled in a year, fracklog is probably getting longer.
-
https://rigcount.bhge.com/static-files/521d7fe5-0796-4eb6-a256-fddd018ece0d (https://rigcount.bhge.com/static-files/521d7fe5-0796-4eb6-a256-fddd018ece0d)
Down six from June 7 to June 14, current US rig count at 969, including US offshore.
-
North America at 705 (1093 1 year ago)
More info here: https://rigcount.bakerhughes.com/na-rig-count (https://rigcount.bakerhughes.com/na-rig-count)
-
Our drilling (GOM) is shut down for now, but it is virus-related, not price-related.
-
Our drilling (GOM) is shut down for now, but it is virus-related, not price-related.
CAPEX shifts into the Williston Basin which were set before the price crash were revised downwards, some severely. Rigs in operation are finishing up their pads, but I am not sure how many of them will be stacked. The virus is small concern compared to the price, here.