Posts by: Enno Peters
Pennsylvania – update through July 2020
Natural gas production jumped almost 1 Bcf/d higher in July to 19.2 Bcf/d, nearing the record set in November last year (19.6 Bcf/d). Prices also started to recover in July, from the ultra-low level in June ($1.63/Mcf). Almost 60 wells came online, vs. just 32 in the month before.Eagle Ford – update through June 2020
After a 30% drop in May, Eagle Ford oil production recovered by almost 100 thousand bo/d to close to 1 million bo/d in June (after upcoming revisions). Although natural gas production has held up better (toggle “Product” to gas), output for the month (~5.4 Bcf/d) was not far above the 2017 low.Permian – update through June 2020
Oil production in the Permian recovered by over 200 thousand bo/d in June, to around 3.7 million bo/d (after upcoming revisions). An important reason for the increase was of course that operators brought wells back online, after oil prices improved from the terrible lows in the 3 months before.North Dakota – update through July 2020
North Dakota oil production recovered further in July to just above 1 million bo/d. This was about 150 thousand bo/d higher than in June, most of it due to existing wells being put back on production. Through July 423 new wells were completed, far below the level in the same period last year (719), but still higher than seen in 2016 (381). Just below 3,200 horizontal wells were inactive (not producing anything) in July, a drop of 1,000 compared with the month before. The number of inactive wells at the start of the year was about half (1,600).US – update through May 2020
US tight oil production fell in May by about 1.4 million bo/d to 6.0 million bo/d, while natural gas declined by 5 Bcf/d. These monthly declines were twice the size compared with April. This stunning collapse was of course caused by operators who decided to shut in wells and delay completions, due to the low pricing environment. Based on preliminary data (available in our subscription services), most basins saw a slight recovery in June and July as some oil wells were brought back online.Haynesville – update through May 2020
Natural gas production came in close to 11 Bcf/d in May (after upcoming revisions), more than double the level compared with 4 years earlier, and far above the earlier peak set in 2011. What happened in the last 4 years?Pennsylvania – update through June 2020
Natural gas production fell by 0.4 Bcf/d in June to 18.4 Bcf/d, after a slightly larger drop in the month before. Year-over-year growth was just 0.15 Bcf/d. Natural gas prices hit a record low in June of just $1.63 per Mcf, the lowest so far in the 21st century. Only 32 new wells were brought online in June, compared with 56 a year earlier.Eagle Ford – update through May 2020
Oil production collapsed in May to 0.9 million bo/d (after upcoming revisions), a m-o-m decline of ~300 thousand bo/d. This brought output back to a level last seen 7 years ago.Permian – update through May 2020
Production from horizontal wells in the Permian fell by around 0.5 million bo/d in May to 3.3 million bo/d, the largest monthly decline since the shale revolution started here. Based on preliminary data for June (already available in our subscription services), it appears that a far smaller drop happened in the month after.North Dakota – update through June 2020
North Dakota oil production rose by 30 thousand bo/d in June to just shy of 0.9 million bo/d, after 2 months of steep declines. Despite the uptick in output, this was still half a million bo/d below the level at the start of the year.
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