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Lynn Helms - Director's Cut

Sep 15, 2020


Lynn HelmsOil Production
June 26,807,731 barrels = 893,591 barrels/day 
July 32,252,017 barrels = 1,040,388 barrels/day 
(All-time high 1,519,037 BOPD Nov 2019)

Gas Production
June Production 59,154,486 MCF = 1,971,816 MCF/day
Gas Captured: 89% 52,748,655 MCF = 1,758,289 MCF/day
July Production 71,222,816 MCF = 2,297,510 MCF/day
(All-time high 3,145,172 MCFD Nov 2019)
Gas Captured: 91% 64,942,139 MCF = 2,094,908 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 82% January to July 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 11,000 layoffs as of 9/05/20 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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