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Falling DUC Inventory Spurs Lower 48 E&Ps to Goose Drilling Activity

Falling DUC Inventory Spurs Lower 48 E&Ps to Goose Drilling Activity

Exploration and production (E&P) operators in the U.S. onshore are ramping up drilling activity, particularly in the Permian Basin, to offset the shrinking drilled but uncompleted (DUC) well inventory, according to ESAI Energy LLC. Crude oil prices topping $100/bbl “have incentivized more rigs, especially from private companies, and the diminishing inventory of DUCs means more…

June 22, 2022
Chevron ‘Getting The Machine Running Again’ in Permian, Pondering U.S. LNG Growth

Chevron ‘Getting The Machine Running Again’ in Permian, Pondering U.S. LNG Growth

The sharp upturn in energy demand, which has escalated since Russia invaded Ukraine, has created a big opening for Chevron Corp. to ramp up once again in the massive Permian Basin and ponder whether it’s time to invest in U.S. liquefied natural gas (LNG), CEO Mike Wirth said Friday. In sharing the 1Q2022 results, Wirth…

April 29, 2022
Lower 48 Oil, Natural Gas Production to Rise in November as DUC Drawdown Continues

Lower 48 Oil, Natural Gas Production to Rise in November as DUC Drawdown Continues

U.S. onshore oil and natural gas production is set to rise from October to November, propelled by supply growth in the Permian Basin and Haynesville Shale, according to updated projections Monday from the U.S. Energy Information Administration (EIA). Natural gas production from seven key U.S. producing regions — the Anadarko, Appalachia and Permian basins, along…

October 18, 2021
Lower 48 E&Ps Spurning New Wells, Drawing Down DUCs at ‘Unsustainable Delta’

Lower 48 E&Ps Spurning New Wells, Drawing Down DUCs at ‘Unsustainable Delta’

U.S. exploration and production (E&P) companies are completing wells at record rates, outpacing new wells by nearly 250 a month, according to Raymond James & Associates Inc. Analyst John Freeman in a note to clients Monday said the domestic count of drilled but uncompleted wells, aka DUCs, has dropped by nearly 3,300 from nearly 9,000…

September 27, 2021
Permian, Haynesville Growth Highlight EIA’s Latest Lower 48 Production Forecast

Permian, Haynesville Growth Highlight EIA’s Latest Lower 48 Production Forecast

Despite projected gains from the Permian Basin and Haynesville Shale, overall natural gas production from seven key U.S. onshore regions is set to decline from April to May, according to updated figures released Monday by the U.S. Energy Information Administration (EIA). Total output from the seven regions — the Anadarko, Appalachia and Permian basins, as…

April 12, 2021
Bonanza Creek Moderating DJ Well Completions to Optimize HighPoint Takeover

Bonanza Creek Moderating DJ Well Completions to Optimize HighPoint Takeover

With its takeover of fellow Colorado pure-play HighPoint Resources Corp. now complete, Bonanza Creek Energy Inc. is looking to optimize the combined well completions and midstream gathering needs, according to CEO Eric Greager. Bonanza Creek completed its merger with HighPoint on April 1. The closing allows the Denver-Julesburg (DJ) Basin operator to revamp the overall…

April 9, 2021
Lower 48 DUC Count Falling to ‘Normal’ by Year’s End, Says Raymond James

Lower 48 DUC Count Falling to ‘Normal’ by Year’s End, Says Raymond James

The Lower 48’s ample supply of drilled but uncompleted wells, aka DUCs, is coming down at a quick pace and is expected to reach “normal” levels by year’s end, tightening the oil supply according to Raymond James & Associates Inc. In a note to clients, Raymond James analyst John Freeman made the case that the…

February 9, 2021
Bonanza Creek Puts DUCs on Menu, Awaits Completion of HighPoint Merger

Bonanza Creek Puts DUCs on Menu, Awaits Completion of HighPoint Merger

Bonanza Creek Energy Inc. expects to know before the end of March whether shareholders approve of the proposed tie-up with HighPoint Resources Corp., which would merge two big Colorado operators. Bonanza in November agreed to merge with Denver-Julesburg (DJ) Basin rival HighPoint in a $376 million transaction, combining their Weld County acreage and production. “We’re…

February 1, 2021
Lower 48 DUC Well Inventory Down to Pre-Pandemic Levels as Oil Prices Recover

Lower 48 DUC Well Inventory Down to Pre-Pandemic Levels as Oil Prices Recover

Lower 48 oil and gas producers have drawn down their inventory of drilled but uncompleted (DUC) wells to pre-pandemic levels, reflecting an improved commodity pricing and demand outlook, according to new analysis by Rystad Energy. After reaching a multiyear high of 6,548 wells last June, the DUC count in the country’s major oil regions fell…

January 26, 2021
North Dakota Redirects Covid Funds to Cut DUCs, Stimulate Oilfield Work

North Dakota Redirects Covid Funds to Cut DUCs, Stimulate Oilfield Work

North Dakota officials last Friday re-allocated $16 million from federal Covid-19 funds to reduce a growing number of drilled but uncompleted wells (DUC) while creating up to 1,000 temporary jobs in the oil and gas sector. The action by the state Emergency Commission chaired by Gov. Doug Burgum was part of an effort to reassign…

October 26, 2020
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