Details from June ’15 Director’s Cut
The monthly report from Lynn Helms of the Department of Mineral Resources has lots of info about oil production.
Things I find interesting are highlighted in the following graphs:
- Fracklog increasing. This is the count of wells that have been completed but not fracked. Thus, no production. Bruce Oksol has characterized this as storing oil in the ground. Idea is to wait until prices recover, then bring the oil out of ‘storage.’
- Oil prices are recovering. Quite a noticeable change.
- Rig count continues to drop. Graph suggests a reduction in the rate of drop.
Here are the graphs.
Fracklog, or in-ground storage:
Recovery in average price:
Drop in rig count: