EERC drops sharply
EnerCom has released its latest Effective Rig Count, linking the state of drilling activity and the reported production from the major shale basins.
The Effective Rig Count dropped by 83 in December, meaning the Effective Rig Count now stands at 2,762. This means that the new production in December would have required 2,762 rigs from January 2014 to achieve. While this is an impressive figure, it is the lowest Effective Rig Count seen in the U.S since May 2018.
While the number of rigs active in major shale basins declined by five in December, most of the decline in EERC is due to declining efficiencies. Per-rig efficiencies dropped sharply in December, showing the largest drop since April 2017.
This decline is likely...

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