Almost half the U.S. DUCs are in the Permian The number of drilled but uncompleted wells (DUCs) in seven key U.S. oil and natural gas production regions has increased over the last two years, according to the EIA’s count. DUCs reached a high of 8,504 wells in February 2019, according to well counts in EIA’s April Drilling Productivity Report (DPR). The most
Sanchez Energy Corporation (ticker: SN) reported a net loss of $4.8 million for the first quarter 2018, or $(0.30) per share attributable to common stockholders. The quarter included $24.4 million in non-cash mark-to-market losses related to hedging activities, Sanchez said. Production Sanchez had production of ~7.3 MMBOE, or 80,572 BOEPD in Q1 2018. According to Sanchez, the company’s first quarter
SilverBow Resources, Inc. (ticker: SBOW) recently announced its 2018 capital program of $245-$265 million. For 2018, SilverBow said that total company production is projected to average 175-195 MMcfe/d, an increase of approximately 25-40% from 2017 levels. This projection has been adjusted to include small noncore divestitures in 2017 and the Olmos divestiture planned for the first quarter 2018. 2018 capital
Get your DUCs in order Energy attorneys Haynes and Boone recently looked at the top SEC disclosure issues for E&P company 2016 annual reports. The findings from Haynes and Boone appears below. Comment letters issued in 2016 by the staff of the Division of Corporation Finance of the Securities and Exchange Commission (SEC) to reporting E&P companies relating to their 2015
Sanchez Energy and Blackstone Energy Partners form 50/50 venture to acquire Anadarko Comanche assets producing approximately 67,000 BOEPD (33,500 net to Sanchez) Sanchez Energy Corporation (ticker: SN) and funds managed by Blackstone Energy Partners (ticker: BX) have entered a strategic 50/50 partnership and together they have signed a definitive purchase agreement to acquire Anadarko Petroleum Corporation’s (ticker: APC) working interest in approximately 318,000 gross operated
DUCs: Mid-Continent Plays See Spike in Drilled, Uncompleted Wells, Declines Elsewhere Bloomberg Intelligence has released its updated counts of drilled, uncompleted wells. Total DUCs were estimated to stand at 3581 on September 1, a decrease of 196 since January and a decrease of 275 since September 2015. Since April however, the U.S. total has held essentially steady, with 6 net
The EIA reported the number of uncompleted wells rose for the first time since July The Energy Information Administration (EIA) released its monthly Drilling Productivity Report Monday. The November report forecasts that both oil and gas production in the United States will decline by 20 MBOPD and 94 MMcf/d, respectively, and also noted that the number of drilled but uncompleted
The total number of DUCs is declining, but remains elevated Along with its monthly Drilling Productivity Report (DPR), the EIA released a supplement today which estimates the number of drilled uncompleted wells (DUCs) in the seven key oil and natural gas producing regions covered by the agency’s broader drilling report. The number of DUCs has been declining over the past
Trends suggest that operators are using their DUCs as a more capital efficient means of tapping production, rather than using them to grow production For the past year, discussions in the oil and gas industry have been focused on asking what role drilled uncompleted wells, or DUCs, will play in the industry’s recovery. Most analysts have predicted a rapid reduction
Drilling but not completing wells–why is it done? The uncertainty of the last year and a half surrounding the oil and gas industry has given rise to a multitude of different rationales about industry practices. Rig counts have been dissected, production levels followed, and any data point that could possibly be related to oil and gas has been factored in. Big
Whiting plans to exit 2016 with 30 DUC wells, as opposed to 74 Last week, Whiting Petroleum (ticker: WLL) announced that it entered into a wellbore participation agreement that will increase the number of completions on the company’s Williston acreage. WLL’s private partner will assume 65% of the drilling and completion costs in 44 gross Williston Basin wells to be
An Oil & Gas 360® exclusive interview with Kirk Kinnear, vice president of crude logistics and hedging at Continental Resources Market volatility has crude oil prices making huge swings, both up and down, with markets reacting to even just a hint of production cuts with a 10% spike in the price of U.S. benchmark WTI crude oil. Many are predicting
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