Industry at a glance
Escalating trade tensions between the U.S. and China caused crude futures to plummet 19% in May. However, spot prices remained relatively stable, with WTI averaging $62.27/bbl, just 2.5% lower than in April. Dubai Fateh dipped just 1.7%, to average $69.43/bbl. Conversely, Brent posted a 1.2% gain, trading at $72.05/bbl. The Saudis have quietly returned to the roll of swing producer, cutting output 1.28 MMbopd, since reaching a high of 11.09 MMbopd in Nov. 2018. Overdevelopment of the U.S. shale plays, combined with price support, increased GOM rig utilization 9.4% in May (y-o-y), as operators returned to deep water. In May, the U.S. rig count averaged 986 units, 2.7% lower than the previous month’s tally of 1,013. International drilling activity tumbled 6.2%, losing 75 rigs to average 1,128 in April. In Canada, rig activity was down 101 units to 66, due to spring break-up.
U.S. OIL PRODUCTION
U.S. GAS PRICES ($/MCF) & PRODUCTION (BCFD)
SELECTED WORLD OIL PRICES ($/BBL)
WORLD OIL & NGL PRODUCTION
WORKOVER RIG COUNT
INTERNATIONAL ROTARY RIG COUNT
INTERNATIONAL OFFSHORE RIGS
U.S. DRILLED BUT UNCOMPLETED WELLS
INTERNATIONAL ROTARY DRILLING RIGS
U.S. ROTARY DRILLING RIGS
U.S. ROTARY RIG COUNT
- 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)
