Topic: Brent Crude Oil

Exploring the 885 DUCs in North Dakota

What do you mean DUCs? When our clients talk about DUCs, there is a discussion about what exactly constitutes a drilled but uncompleted well. Is it drilled and cased? What is the typical timeframe of a DUC? When is the well considered temporarily abandoned? If it finished drilling last week, should that be included in the DUC count? What was the typical DUC count prior to the downturn? These questions set the table for how the company views how DUCs impact...

Read More

Less Volatility and +0.4% More Rigs This Week

The Baker Hughes (BHI) US land rig count improved this week by adding 3 rigs, bringing the count to 844 rigs from last week's 841 rigs (a 0.4% increase). For the week, -2 horizontal rigs were dropped while +4 vertical rigs and +1 directional rig were added. Fayetteville saw the most action, adding +2 rigs and bringing the count to 8 rigs from last week's 6 rigs. There was also activity in the miscellaneous category adding +6 rigs, half of which were horizontal and...

Read More

WTI Crude Knocked below $50 and US Land Rigs at 1735

With the WTI oil price trading under $50 / bbl and the crude Brent oil price near $50 / bbl, the rig counts continue to drop confirming our expectations.There has been a -25 drop in rigs with depths of >10K, with the biggest losses occurring in Texas with -18 and Colorado at -2 compared to last week. US Land Rig Count Declines The overall rig count is -25 at 1735 compared to last week with the horizontal rig count down -13 from the...

Read More

Bakken -7, Eagle Ford +2, & OPEC Revenue down 14%

This week there are no large swings in rig counts. The WTI oil price is hovering around $56 / bbl and Brent crude is at $62 / bbl. We are expecting to see a weekly rig count decline over the next several weeks. Once we are in the new year, we will release a bottoms-up forecast of Shale drilling activity. Horizontal Rig Count Drops by 12 Permian Basin is -9 compared to previous week and +63 compared to last year at this...

Read More

Clearing up the Media’s Account of Drilling Activity, US Rig Count -5

To no surprise to an experienced oilfield professional, rig count dropped a few rigs this week. The decline was all oil wells. Everyone is keeping a close eye on the WTI and Brent prices to understand the impact to their business and customers.This week Permian Basin is +2 compared to previous week and +95 compared to last year at this time. Eagle Ford is -3 compared to last week and -20 compared to last year. Click here to see the interactive weekly insights...

Read More