Anadarko EERC is 404, 2.5 times higher than reported rig count
EnerCom has added the Anadarko Basin to the Effective Rig Count, bringing in the second most active basin in the U.S. With the addition of the Anadarko Basin, the EERC is now 2,407, well above peak levels in 2014. In the Anadarko Basin, the reported rig count is 129, but the effective rig count sits at 404. This equates to a multiple of 2.5x, meaning current rigs are 2.5 times more effective than rigs in the basin were in January 2014.
The Utica continues to be the most-improved basin, with current rigs yielding five times as much production as rigs did in early 2014.
The most popular basins have seen EERC multiples decrease in recent months, signifying each rig is currently yielding less production than previously. This is not because technologies and techniques have deteriorated, but rather that completions have not kept up with drilling. In the Permian, for example, rigs are now producing 3.1 times more than January 2014 rigs did, compared to a multiple of 3.6 in mid-2016.
DUC count continues to rise
Drilling is outpacing completions in most basins, as the number of drilled but uncompleted wells is increasing. The total number of DUCs in the major unconventional plays has increased to nearly 7,060, according to the EIA. This represents an increase of 208 in the last month alone. As might be expected, the Permian added the largest amount of DUCs, with an additional 135 in July. Completions significantly lagged completions in the Anadarko and the Eagle Ford as well, which added a combined 77 DUCs to the national total.
Operations are more balanced in the other basins, with smaller changes in DUC count. The Haynesville and Niobrara regions each added less than 10 DUCs in the past month, while compleitons slightly outpaced drilling in the Bakken, Marcellus and Utica.
