The number of Wells drilled but not completed (DUCs) fell for the second month running. At the end of April, the total number of DUCs was 8,390, down 43 on the restated prior month. Last month’s number was revised down by 67 DUCs from what was originally reported. This is according to the latest Drilling Productivity Report from the Energy Information Administration (EIA).
Note that, every month, the EIA restate prior months’ figures, with revisions going back up to 4 years.
The EIA is projecting production of 8,411,000 for May, up 82,000 bpd on April. This is down 49,000 bpd on the forecast for May from last month. They are projecting 8,494,000 bpd for June, up 83,000 bpd on May.
Last month’s report contained a big surprise in that the EIA restated oil production for the first quarter downwards by an avearge of 190,000 bpd a month. This month’s report revises down January-April production further by an average of 60,000 bpd.
For the third month running, overall oil production in the Anardarko Basin is forecast to fall as declines from legacy wells are greater than the production from new wells. Production from the Eagle Ford is forecast to decline slightly in June as well.