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Permian Drilling Trends: No. of DUCs on the Rise. Completions Decline Following Drillings
10/06/2022
The number of DUCs kept stable for quite a long time in the pre-pandemic years fluctuating between 380 and 480 at the peak. #completions were slowly declining through the months of 2019.
Both indices slightly decreased from August 2019 to April 2020 when they were counted at about 300.
Due to global pandemic in 2020 DUCs incredible soared to about 500 in July 2020 and completions plummeted to about 80 in July 2020.
After that, both indices began to stabilize and reached 280 DUCs and 230 completions in March 2021.
In November 2021 DUCs decreased to 220, while completions floated between 190 and 240.
A significant uptick in DUCs started in April 2022. It continues to grow to more than 430 recently, meanwhile, the number of completions is on the same level (about 200) but also declines.
Recent indices changes may indicate the negative producers’ expectations for the market to go over-supplied in 2023. This is in particular true for the NG supply outlook.
More #drill-down opportunities for the drilling activity #research are provided by Rextag's Pad Activity Monitor (PAM).
Enbridge agreed to acquire the Tres Palacios gas storage facility in Texas for $335 million
![$data['article']['post_image_alt']](https://images2.rextag.com/public/blog/138Blog_Enbridge_Buying_Gulf_Coast_NG_storage_facility (1).png)
Enbridge acquired Tres Palacios natural gas storage facility in Texas for $335 million, adding approximately 35 Bcf of natural gas storage to their portfolio. The facility uses salt caverns for storage and has a gas header pipeline system that spans 62 miles and links to 11 major gas pipelines. Crestwood Equity Partners LP intends to divest its interests in Tres Palacios by the second quarter.
Energy Transfer to Finish Mariner East Expansion in Pennsylvania Despite Opposition
![$data['article']['post_image_alt']](https://images2.rextag.com/public/blog/Energy_Transfer_Mariner 2 East_P.png)
Energy Transfer LP plans to finish the final phase of its long-delayed Mariner East 2 NGL pipeline expansion in Pennsylvania in the third quarter.
Enbridge acquired Tres Palacios natural gas storage facility in Texas for $335 million, adding approximately 35 Bcf of natural gas storage to their portfolio. The facility uses salt caverns for storage and has a gas header pipeline system that spans 62 miles and links to 11 major gas pipelines. Crestwood Equity Partners LP intends to divest its interests in Tres Palacios by the second quarter.
![$data['article']['post_image_alt']](https://images2.rextag.com/public/blog/BlogR-137_US_NG_Pipeline_network.png)
The U.S. natural gas pipeline network is a complex system of pipelines that transport natural gas from production areas to consumers across the country. The pipeline network consists of three main types of pipelines: gathering pipelines, transmission pipelines, and distribution pipelines. Gathering pipelines are small-diameter pipelines that transport natural gas from production wells to processing facilities or larger transmission pipelines. Transmission pipelines are large-diameter pipelines that transport natural gas over long distances, sometimes across multiple states. Distribution pipelines operate at low pressure and are located in or near urban areas. They are often referred to as "utility pipelines" because they are typically owned and operated by local gas utility companies.
![$data['article']['post_image_alt']](https://images2.rextag.com/public/blog/135Blog_Diamondback_Acquires_Lario_Permian.png)
Diamondback Energy, an independent oil and gas company, has successfully completed the acquisition of Lario Permian, marking the closure of two major deals in the fourth quarter of 2022. The company purchased two private operators in the Midland Basin for approximately $3.3 billion.