Utah State

Drilling Statistics

State of Utah and Uintah Basin Drilling Data

In a Nutshell...

2017 was the first year of across-the-board indicator increases since 2012. With the extreme cold in the east and the increase in crude oil prices in the west, it appears the trend will continue at least into early 2018.

Changes of Note...

Crude oil is currently running around $60 a barrel. That's a 20% increase over the just the last part of 2016.

It's very odd that Nat Gas prices are remaining steady and low even with the extremely harsh weather in the Easter U.S. This can only be attributed to high inventory levels which have growing more than during previous years. The cold weather is expected to draw down inventories.

What to watch...

Weather is the lead story right now. Harsh in the East mild in the West. Gasoline prices are projected to rise even though there will be far less driving due to the weather. However, current oil supplies are being diverted to heating oil. Moderation in the weather pattern will slow energy production while a long cold spring could force an increase.

The local recovery will be slow. The Uintah Basin is a relativly small field and the large companies are already engaged elsewhere. The good news is that our projections for local indicators were spot on throughout 2017 as in previous years. We look forward to gains again in 2018.

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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