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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).
If you are looking for more information about energy companies, their assets, and energy deals, please, contact our sales office mapping@hartenergy.com, Tel. 619-349-4970 or SCHEDULE A DEMO to learn how Rextag can help you leverage energy data for your business.
New Territories, New Opportunities: Continental's Acreage Addition in Midland
Continental Resources is expanding its operations in the Midland Basin, including taking over some assets that used to belong to Occidental Petroleum. The company plans to use its expertise in exploration in this area.
$690 Million Deal Moves Ahead: Crescent Energy to Complete Purchase of EP Energy's Uinta Assets
Crescent Energy closed the acquisition of Uinta Basin assets in Utah that were previously owned by EP Energy for $690 million, a few hundred million dollars below the original price. The accretive deal increases Crescent's Rockies position and adds significant cash flow and a portfolio of high-quality oil-weighted undeveloped sites. In addition to its acquired Uinta assets, Crescent's pro forma year-end 2021 provided reserves totaled 598 million boe, of which 83% was developed, 55% was liquid, and its provided PV-10 was $6.2 billion.
Continental Resources is expanding its operations in the Midland Basin, including taking over some assets that used to belong to Occidental Petroleum. The company plans to use its expertise in exploration in this area.
Equinor and EQT Corporation have agreed that Equinor will exchange its operated assets in the Marcellus and Utica shale formations in Ohio for a stake in EQT’s non-operated interests in the Northern Marcellus formation.
Appalachian Basin (formerly Marcellus and Utica) covers most of New York, Pennsylvania, Eastern Ohio, West Virginia, and Western Maryland in the north, reaching down to parts of Northwest Georgia and Northeast Alabama in the south. The basin is massive, covering about 185,000 square miles, roughly 1,000 miles long from northeast to southwest, and in some places, it's up to 300 miles wide. In this area, some major companies are making significant investments. EQT stands out as the largest producer in the Appalachian Basin, with other key players including Chesapeake, Range Resources, Antero, Repsol, and Gulfport also actively investing.