Highlights from August ‘Director’s Cut’
The August “Director’s Cut” from Lynn Helms, Director of Department of Mineral Resources is available here.
A few items of interest to me:
Rig count is declining slightly: 203 today, 211 at end of July, 213 in June, 211 in May,
That’s okay because the drilling efficiency is increasing:
…rig efficiency continues to improve with the spud to TD time now averaging 20 days.
That tells me that the volume of drilled wells is increasing in spite of the drop in rig count.
Idle sites are up slightly. Number of wells waiting for fracking crews are 347 this month. For the last 5 months the idle count is 347, 336, 339, 263, 240.
Interesting stat on rig utilization – 95% of the deep rigs (+20,000’) are working – only 50% of the shallow rigs (<=7,000’) are running.