Utah State

Drilling Statistics

State of Utah and Uintah Basin Drilling Data

In a Nutshell...

Crude oil prices dropped during December forged further into the basement with aChristmas day low for the year of $42.53 for WTI. As of this writing the price of WTI crude has rebounded to just above $46.  Nat Gas prices have averaged around $4 at the Citygate price for the last 6 months and remain there while inventory amounts have decreased slightly.  At least this year's peak doesn't seem to be as high as prior years at this point.

Changes of Note...

For the year, Duchesne County has had a slight increase in drilling over last year while Uintah County has seen a large decline. Uintah County still out paces Duchesne in total permits.  It should be noted that all of the drilling in the area occurs within a few miles of Roosevelt City.  There has been no drilling in the gas fields of Uintah County.

What to watch...

A worldwide economic slow down is reducing demand for petroleum products.  As demand falls off, so do prices.  Production will not increase until there is money to be made with higher prices.

Annualized = Projected based on current numbers. APD=Application for Permit to Drill, Spudded=Started. APD, Spud and Completed numbers come from the Utah Division of Oil Gas & Mining. Rig numbers come from Baker Hughes. Price and inventory numbers come from the U.S. Energy Information Administration.

 

Drilling Statistics

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