US
US – update through December 2020
US tight oil production fell below 7.0 million bo/d in December, the first time in the 2nd half of last year. Fewer than 7,500 horizontal wells were completed within this 12 states in 2020, significantly lower than the 13 thousand that came online in each of the previous two years. The y-o-y decline in output was therefore large in December, at around 1.5 million bo/d, as you’ll find in the graph above.US – update through November 2020
US tight oil production continued to hover at a level close to 7.0 million bo/d in November, for the 5th consecutive month. Natural gas did a little better, as it slightly rose to above 65 Bcf/d. which was only 3 Bcf/d below the record set in March.US – update through October 2020
US tight oil production was basically unchanged in October, at nearly 7.0 million bo/d. Over 500 horizontal wells came online for the month, a higher number than in the preceding 5 months, but far lower than the more than 1,000 wells we saw in a typical month in 2019.US – update through September 2020
US tight oil production was flat m-o-m in September at 7.0 million bo/d (after upcoming revisions, including estimates for Oklahoma). Again some 1,500 horizontal wells that were temporarily shut-in came back online, which helped stem the underlying decline.US – update through August 2020
US tight oil production made another small gain in August to almost 7.0 million bo/d (after upcoming revisions), as another 1,500 horizontal wells were returned to production. Tight gas output was flat m-o-m at 63 Bcf/d (excl. Ohio and West Virginia), down by 5 Bcf/d from the March level (68 Bcd/d).US – update through July 2020
US tight oil production regained again some lost ground in July, increasing by about 0.4 million to 6.8 million bo/d (after upcoming revisions). Tight gas output also climbed, but with a relatively smaller amount (switch product to gas). It of course also fell less steep earlier this year.US – update through June 2020
US tight oil production rebounded in June by about 0.4 million bo/d to 6.4 million bo/d, as operators brought some wells back online with the improved pricing environment. Natural gas output stayed flat at 73 Bcf/d.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.US – update through April 2020
US shale oil & gas production fell by about 700 kbo/d and 2.5 Bcf/d in April (after upcoming revisions) the largest absolute and relative m-o-m declines since the start of the shale boom. Of course the low, and even negative, oil prices in March and April were the main cause, which led many operators to shut in their oil wells.US – update through March 2020
Oil production from these wells set another record in November, at over 7.6 million bo/d (after upcoming revisions). The over 10 thousand horizontal wells that came online in 2019 contributed half of this supply (3.8 million bo/d), as is visualized by the dark blue area in the graph above.
Recent Comments