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Lynn Helms - Director's Cut

Jun 12, 2020


Lynn HelmsOil Production
March 44,333,320 barrels = 1,430,107 barrels/day 
April 36,572,571 barrels = 1,219,086 barrels/day
(All-time high: November 2019: 1,519,027 BOPD)

Gas Production
March Production 96,980,191 MCF = 3,128,393 MCF/day
Gas Captured: 87% 84,099,939 MCF = 2,899,998 MCF/day
April Production 81,365,042 MCF = 2,712,168 MCF/day
Gas Captured: 88% 71,940,408 MCF = 2,398,014 MCF/day 
 
The drilling rig count was stable in the mid 50’s second half of 2019 through March 2020. Industry projected 50-75% reduction in rig count May – June and the count is already down 82% with 1-2 more rig leases expected.

The number of well completions has been very volatile and has dropped dramatically since April as the number of active completion crews decreasing from 25 to 1. Lower crude oil price has put extreme downward pressure on rig and completion crew counts.

Unemployment claims are published every Thursday indicating approximately 9,200 layoffs as of 6/06/20 with thousands more jobs at risk as PPP expires.

Drilling permit activity has slowed due oil price. Operators are still attempting to maintain a permit inventory of approximately 12 months, some experienced drilling rig crews and experienced completion crews.

Click here for the full report.
 
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