Industry at a glance
Crude benchmarks suffered major setbacks in November, with both WTI ($56/bbl) and Brent ($65/bbl) dropping 18%, the largest percentage decline since 2008. Adding to the downward pressure, Russia’s crude output hit a post-Soviet high of 11.41 MMbopd, while Saudi Arabia upped its daily production 140,000 bopd to 10.64 MMbopd. After briefly dipping below $50/bbl, a key budgetary marker for U.S. shale drillers, Saudi Arabia, Russia and Canada announced production cuts that sent futures up on the NYME and on the ICE Europe exchange. Defying traditional logic, operators added 249 DUCs in the Permian, pushing the backlog up 7%, to 3,866 wells. The U.S. rig count averaged 1,077 in November, 14 more than the previous month. International activity increased four units, to average 1,209 in October.
- 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)