RigData Insights

Just Released: US Land Well Count Report for Q4 2019

  • Wednesday, January 15, 2020
  • Posted By Greg Tsichlis

US Land Well Count
Source: Trey Cowan, Senior Analyst, Enverus Drillinginfo, January 14, 2020

 

New wells drilled during 2019 tracked similarly with both crude and natural gas prices.  In the first half of the year we saw an uptick in the number of new wells drilled (relative to 1H18 levels) that then tapered during the back half of 2019.

 

These well activity levels followed domestic crude oil and natural gas prices, which were stronger in 1H19 than 2H19. For the full year crude oil traded at a lower average price than the preceding year, down -12% Y/Y for the annual averages.

 

Directionally, the annual difference for new wells drilled (down -9% Y/Y) paced this change year-over-year in crude prices. We only saw three locals where new well spuds bucked the overarching trends for 2019.  This occurred in West Virginia (wells targeting the Marcellus), Texas/New Mexico (specifically in the Delaware Basin), and in Wyoming (wells targeting the Powder River).  Here, new well spuds in 2019 were actually higher than 2018 levels.

 


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To receive this complimentary report (Excel dataset) call 800-371-0083 or email CustomerService@rigdata.com. The U.S. Land Well Count Report will be emailed directly to you at no cost.

 

Mention code: 7HHONRPT

 

 

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