More graphs showing North Dakota oil production – 1/18
Mentioned Saturday there was a small increase in oil production during November. Here are a few more graphs.
Value of the production is dropping fast due to the world-wide drop in prices. These reflect the discount to allow for transportation costs to the Gulf, East, or West coast.
The number of rigs had plateaued for a while. It is dropping quickly in January:
Number of wells that have been drilled but not fracked is sort of on a plateau. This is called the fracklog. As in fracking backlog.
Surprise for me is the fracklog is not increasing. That obviously reflects that the number of rigs has dropped substantially. Keep in mind that means there are a thousand wells, give or take, that can come on line quickly if prices rise a bit.