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Background in AI, worked on developing Supply Chain Planning & Optimization solutions for Quintiq, setting up its business in China. Focus on company direction and the technical development...

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Visualizing US Oil & Gas Production (Through January 2021)

This article contains still images from the interactive dashboards available in the original blog post. To follow the instructions in this article, please use the interactive dashboards. Furthermore, they allow you to uncover other insights as well.

This interactive presentation contains the latest oil & gas production data from all 30,048 horizontal wells in the Permian (Texas & New Mexico) that started producing from 2008/2009 onward, through January.

Total Production

Since June last year, Permian tight oil production has hovered at a level close to 3.8 million bo/d (after upcoming revisions, hz. wells only). Natural gas production is at record heights (>15 Bcf/d).

In the next update on this basin, we should learn exactly how much output was impacted by the harsh weather in February.

Supply Projection

Since our post on this basin last month, 17 more rigs were added to drill horizontal wells (to 215 as of last week according to Baker Hughes). With this level of activity, output in the basin should soon start rising again:

Tight oil outlook in the Permian, by state, based on current drilling activity & productivity

This screenshot was taken from our Supply Projection dashboard.

This makes the Permian an exception; the other large US tight oil basins cannot grow at current conditions:

Actual and projected tight oil output in the other US tight oil basins (hz. wells only), based on the current rig count.

Well status

In the 3rd tab, you will find the status and production rate of all the horizontal wells here. Whereas we saw in our update on North Dakota earlier this week that 40% of the wells there are now below 25 b/d, here the number is 31% (9,300 wells).

Productivity ranking

Two weeks ago, Pioneer Natural Resources announced a major acquisition of DoublePoint Energy. Both operators have most of their operations in the Midland Basin. In this screenshot (from our Productivity Ranking dashboard), you will find how all the larger operators in this area (>50 operated wells) fare in terms of well productivity, as measured by the average amount of oil recovered in the first 6 months:

Well productivity ranking of all large (>50 wells) Midland operators, based on the avg. cum. oil recovered in the first 6 months (hz wells since 2016).

On this metric, Pioneer Natural Resources is in the 2nd position, behind SM Energy, with on average 116 thousand barrels of oil recovered in the first 6 months (1,676 wells).

DoublePoint Energy (here shown as Double Eagle), is in the 10th spot, with 96 thousand barrels (121 wells).

Top operators

In the final tab (“Top operators”) the production and well positions are displayed for the 10 largest producers in the Permian. Pioneer is in the lead after its recent acquisition of Parsley Energy, even before the effect of the purchase mentioned above, followed by ConocoPhillips, which greatly increased its presence here after it took control of Concho Resources.

Finally

We will have a new post on the Eagle Ford early next week, followed by a post on the Haynesville.

Production and completion data are subject to revisions.

Note that a significant portion of production in the Permian comes from vertical wells and/or wells that started production before 2008, which are excluded from these presentations.

Sources

For these presentations, I used data gathered from the following sources:

  • Texas RRC. Oil production is estimated for individual wells, based on a number of sources, such as lease & pending production data, well completion & inactivity reports, regular well tests, and oil production data.
  • OCD in New Mexico. Individual well production data is provided.
  • FracFocus.org

Visit our blog to read the full post and use the interactive dashboards to gain more insight: https://bit.ly/2RyHnHT

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