Grady County (OK): Spotty Completion Activity with Permitting Holding Steady
Oklahoma currently holds the second largest concentration of rigs in the U.S. according to the BHI Land Rig Count. So where is the activity coming from? Grady county in the SCOOP has 14 completions since the start of the year. Permitting has fallen since commodity prices to a dive but they have recently leveled off going into 2016.
Drilling Activity Doesn’t Equate to Well Completions
In he first four months of 2016 there have been under 100 completions compared to over 750 during the start of 2015. In 2016 the active operators completing frac jobs include Vitruvian Exploration, Apache, Marathon, Newfield and Unit Petroleum. Activity is minimal right now, having only 3 frac jobs in April so far compared to 8 during the same month last year. The chart below shoes the proppant consumption in the county since the end of 2013.
With less completions you would expect a bigger drop in proppant use in the county, but the average proppant per well has increased from under 3 million pounds in the start of 2014 to now over 5 million pounds per job. Halliburton continues to have a strong hold on the market holding just over 50% of the market.
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