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Permian Drilling Trends: No. of DUCs on the Rise. Completions Decline Following Drillings
10/05/2022
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).