The number of Wells drilled but not completed (DUCs) fell for the first time in a year. At the end of March, the total number of DUCs was 8,500, down 4 on the restated prior month. Last month’s number was revised down by 72 DUCs from what was originally reported. This is according to the latest Drilling Productivity Report from the Energy Information Administration (EIA).
The number of completions in the 7 major onshore producing areas rose by 65 to 1,392, the highest since January 2015. The Permian Basin accounted for most of this, though all regions posted increases.
Note that, every month, the EIA restate prior months’ figures, with revisions going back up to 4 years.
The EIA is projecting production of 8,379,000 for April, up 88,000 bpd on March. The big surprise in the report is that the EIA restated oil production for the first quarter. January was revised downwards by 145,000 bpd, February by 214,000 bpd and March by 218,000 bpd. They are projecting 8,460,000 bpd for May, up 80,000 bpd on April.
The other point of interest in the report is that, for the second month running, overall oil production in the Anardarko Basin fell as declines from legacy wells were greater than the production from new wells. The Anardarko Basin is supposedly the hottest play outside the Permian, but these results don’t show that.