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EIA DPR (Drilling Productivity Report) (Recent Development (end/2019)…
EIA DPR (Drilling Productivity Report)
Drilled Well (1036 drilled in Dec/19)
Uncompleted (DUC)
Completed: 1086 in Dec/19
DUC Inventory: 7573 Dec/19
Recent Development (end/2019)
Productivity & Efficiency improved
Pull back in spending in 2H/2019
Growth in US tight oil production decrease
49.6% used $53-56/b WTI price for capital spending plan
DUCs falling
HSBC Expectation
Tight Liquids (incl NGLs)
2020: 1mbd
2019: 1.6mbd
2018: 2.2mbd
Rebound in 1Q 2020
increase rig count by on 2nd week of 2020
Seasonal Factor
new budget in the beginning of new year
weather more favorable