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Number of US Oil and Gas DUCs Falls to Record Low: EIA

ENERGY

The number of US drilled-but-uncompleted oil and gas wells (DUCs) fell to the lowest on record in November by 83 to 4,415 according to the EIA.

  • The decline suggests shale producers are aiming to use easy, quick-turnaround wells to bring production online sooner and is reflected in the US production growth seen this year.
  • The decline is driven by the Bakken of North Dakota falling by 15 and Eagle Ford in south Texas by 17.
  • EIA forecasts record output in 2024 as producers bring more wells online despite predicting a drop in output from the seven US shale basins in January for a third straight month.
  • Shale production has increased this year despite the number of drilling rigs falling by 20% in the period with higher yields due to improved technologies.


Source: EIA / Bloomberg

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