After tumbling by more than half since 2020, the number of drilled but uncompleted wells (aka DUCs) may have hit a bottom late this summer, but some growth could materialize into 2023, according to the latest tally by the U.S. Energy Information Administration (EIA).

The EIA’s September Drilling Productivity Report showed that after reaching more than 8,800 in the second quarter of 2020, the number of DUCs steadily declined by an average of 227 DUCs/month during 2021 and by 82 per /month during 2022. The Permian Basin has led all other regions in reducing the DUC count, while the Appalachian Basin also has seen a significant decrease.

“The decline in DUCs in most major U.S. onshore oil- and natural gas-producing regions indicates that more wells are being completed and fewer...