Active Rig Count - Nov 7

[dan_s]

Oil operators get DUCs in a row, adding fracking crews to boost output . Reuters .
U.S. frackers are bringing back equipment even as oil prices languish around $40 a barrel in a bid to boost production and tap into a backlog of drilled wells left uncompleted (DUCs) when oil prices crashed earlier this year. The number of active hydraulic fracturing fleets has climbed by nearly 50% since mid-September to 127, according to data from consultancy Primary Vision, outpacing a roughly 17% jump in the number of active drilling rigs over that same period of time. That count if active drilling rigs stands at 296.

Just keep in mind that we need approximately 750 active drilling rigs to hold U.S. production flat. 600 drilling for oil and 150 drilling for natural gas.

As I have posted here many times, a lot of public companies will complete a lot of DUC wells in November and early December, so they can get more wells into their year-end reserve reports. They also want to beat the bad winter weather that can increase completion costs.

Read more here: https://www.reuters.com/article/us-usa- ... SKBN27M0MG