Industry at a glance
Oil futures slumped 12% late in October, after hitting a four-year high earlier in the month. A rout in global equity markets raised concerns about energy demand, at a time of growing U.S. production. After hitting a post-Soviet high of 11.36 MMbpd in September, Russia suggested that it might raise output further, to fill a potential supply shortage caused by U.S. sanctions on Iran. Despite investor hedging, month-over-month average spot prices remained virtually unchanged in early October at around $70/bbl (WTI) and $79 (Brent). A 194-DUC well gain in the Permian was accompanied by an 11-rig increase in Texas District 8, despite pipeline issues. The overall U.S. rig count averaged 1,063 in October, 10 more than the previous month. International activity decreased 1.9%, to average 1,205 in September.
U.S. GAS PRICES ($/MCF) AND PRODUCTION (BCFD) GRAPH
U.S. ROTARY DRILLING RIGS GRAPH
U.S. ROTARY DRILLING RIGS TABLE
U.S. DRILLED BUT UNCOMPLETED WELLS
U.S. OIL PRODUCTION TABLE
WORLD OIL PRODUCTION TABLE
SELECTED WORLD OIL PRICES GRAPH
INTERNATIONAL ROTARY RIG GRAPH
INTERNATIONAL ROTARY RIG TABLE
INTERNATIONAL OFFSHORE RIGS TABLE
- Applying ultra-deep LWD resistivity technology successfully in a SAGD operation (May 2019)
- Adoption of wireless intelligent completions advances (May 2019)
- Majors double down as takeaway crunch eases (April 2019)
- What’s new in well logging and formation evaluation (April 2019)
- Qualification of a 20,000-psi subsea BOP: A collaborative approach (February 2019)
- ConocoPhillips’ Greg Leveille sees rapid trajectory of technical advancement continuing (February 2019)
