The number of completions in the 7 major onshore producing areas rose by 113 to 1,325, the highest since March 2015. The Permian Basin accounted for most of this, though all regions posted increases. This is according to the latest Drilling Productivity Report from the Energy Information Administration (EIA).
The number of Wells drilled but not completed (DUCs) rose by the lowest increase in 9 months. At the end of February, the total number of DUCs was 8,576, up 93 on the restated prior month. Last month’s number was revised down by 315 DUCs from what was originally reported. Most of the revision was in the Permian Basin.
Note that, every month, the EIA restate prior months’ figures, with revisions going back up to 4 years.
The EIA is projecting production of 8,508,000 bpd for March, up 94,000 bpd on February. That’s also up 100,000 on what they projected last month for March. They are projecting 8,593,000 bpd for April.
In last month’s report, the EIA made headlines when it projected that the Permian Basin would pass 4 million bpd in March for the first time. Surprise! The EIA has revised its numbers and the Permian actually passed that milestone in January!