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Title : DUCs In North Dakota Continue To Increase -- August 17, 2018
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DUCs In North Dakota Continue To Increase -- August 17, 2018

A few months ago a reader raised a question regarding my thoughts on DUCs.

I suggested that operators in North Dakota were "managing their assets," suggesting that it is not due to shortage of frack crews. Obviously it's a combination of both, but I think "managing their assets" is the bigger reason why DUCs are increasing. About two months ago, John Kemp said we were entering a period of "severe backwardation." For newbies, North Dakota double the number of months operators were required to complete their wells once spud. Up until the Saudi Surge of 2014 - 2016, North Dakota required operators to complete their wells within one year of spud; operators now have two years, and can go longer with a waiver.

Except for a decrease back in January, 2018, the number of DUCs has been steadily increasing. The data is updated here; this page won't be updated.

These are the recent stats for DUCs:

June, 2018: 993, up 38 from previous report
inactive: 1,458, down 111

May, 2018: 955, up 13 from previous report
inactive: 1,569, down 48

April, 2018: 942, up 26 from previous report
inactive: 1,521, down 132

March, 2018: 916, up 15
inactive: 1,653, down 1

February, 2018: 901, up 48
inactive: 1,654, down 100

January, 2018: 853, down 24
inactive: 1,554, up 85

December, 2017: 877, down 6
inactive: 1,469, down 23

And the number month-over-month has also been increasing.

• June: up 38
• May: up 13
• April: up 26
• March: up 15
• February: up 48 (North Dakota winters are at their worse in February -- an outlier)
• January: down 24

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