Lynn Helms - Director's Cut

October 16, 2020
Lynn HelmsOil Production
July 32,304,503 barrels = 1,042,081 barrels/day
August 36,097,400 barrels = 1,164,432 barrels/day
(all-time high 1,519,037 BOPD Nov 2019)

Gas Production
July Production 71,376,125 MCF = 2,302,456 MCF/day
Gas Captured: 91% 65,066,290 MCF = 2,243,665 MCF/day
August Production 81,506,344 MCF = 2,629,237 MCF/day
(all-time high 3,145,172 MCFD Nov 2019)
Gas Captured: 92% 74,918,999 MCF = 2,416,742 MCF/day (all-time high 2,899,998 MCFD Mar 2020) 
The drilling rig count was stable in the mid 50’s second half of 2019 through March 2020. Drilling rig count is down 71% January to August of 2020.

The number of well completions has been very volatile since March as the number of active completion crews decreased from 25 to 1-5.

Lower crude oil price has put extreme downward pressure on rig and completion crew counts. Unemployment claims are published every Thursday indicating approximately 11,400 layoffs as of 10/10/20 with more jobs at risk due to oil price volatility.

Drilling permit activity is slower and more volatile with oil price volatility. Operators are still attempting to maintain a permit inventory of approximately 12 months and some experienced drilling rig and completion crews.

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