{"id":62486,"date":"2022-04-20T06:54:00","date_gmt":"2022-04-20T11:54:00","guid":{"rendered":"https:\/\/olduvai.ca\/?p=62486"},"modified":"2022-04-20T06:54:00","modified_gmt":"2022-04-20T11:54:00","slug":"permian-explorers-drill-deep-into-fraclog-leaving-shelves-bare","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=62486","title":{"rendered":"Permian explorers drill deep into fraclog, leaving shelves bare"},"content":{"rendered":"<h3 class=\"news-title\"><a href=\"https:\/\/www.worldoil.com\/news\/2022\/4\/19\/permian-explorers-drill-deep-into-fraclog-leaving-shelves-bare\/\">Permian explorers drill deep into fraclog, leaving shelves bare<\/a><\/h3>\n<p>(Bloomberg) \u2014 Shale explorers in the Permian Basin chewed further into their supply of ready-made wells for a 20th straight month, leaving the smallest inventory of low-cost wells in the biggest U.S. oil field in more than half a decade.<\/p>\n<div class=\"image-align-right\"><a class=\"image-link\" href=\"https:\/\/www.worldoil.com\/media\/3yjlujqk\/well-drilling-rig-stock-shale.jpg\"><img decoding=\"async\" class=\"img-responsive\" src=\"https:\/\/www.worldoil.com\/media\/3yjlujqk\/well-drilling-rig-stock-shale.jpg?width=300\" alt=\"\" \/><\/a><\/p>\n<div class=\"caption\"><\/div>\n<\/div>\n<p>The number of wells that have been drilled and await a frac crew to complete them, also known as DUCs, stood at 1,309 last month, according to the U.S. Energy Information Administration\u2019s drilling productivity\u00a0<a href=\"https:\/\/www.eia.gov\/petroleum\/drilling\/\">report<\/a>. The lowest number of DUCs in West Texas and southeast New Mexico since February 2017 could eventually lead to a lag on new oil output hitting the market as producers must now call on more drilling rig crews to start the new-well process.<\/p>\n<p>Two years after the worst crude crash in history, producers are focused on completing existing wells to increase output, cutting further into the so-called\u00a0<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2015-03-06\/introducing-fracklog-the-new-fangled-oil-storage-system-energy\">fraclog<\/a>. Now publicly traded explorers are hesitant to boost spending on drilling so that they can instead grow dividends and buy back shares even with oil trading over $100 a barrel.<\/p>\n<p>The agency revised its estimates for oil production volumes from the Permian Basin to be lower than it thought last month.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Permian explorers drill deep into fraclog, leaving shelves bare (Bloomberg) \u2014 Shale explorers in the Permian Basin chewed further into their supply of ready-made wells for a 20th straight month, leaving the smallest inventory of low-cost wells in the biggest U.S. oil field in more than half a decade. The number of wells that have [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3],"tags":[32850,412,30682,3640,32417,17371],"class_list":["post-62486","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-david-wethe","tag-hydraulic-fracturing","tag-oil-extraction","tag-permian-basin","tag-sheela-tobben","tag-world-oil"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/62486","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=62486"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/62486\/revisions"}],"predecessor-version":[{"id":62487,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/62486\/revisions\/62487"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=62486"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=62486"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=62486"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}