Strategic Petroleum Reserve at a 34 year low, total US oil supplies at a 17 year low, total oil + oil products inventories at a 13½ year low; record low DUCs, completions are 17% below the prepandemic average, 4.5 month DUC backlog is lowest in 7 years…
oil prices rose for the fifth time in six weeks as fuel prices hit record highs on tight supplies and pulled crude prices higher...after finishing 0.7% higher at $110.49 a barrel last week as fears of product shortages outweighed concerns about slowing demand, the contract price for US light sweet crude for June delivery opened higher on Monday following an overnight rally triggered by growing signs of a deepening global squeeze on refined products, but pared those early gains to trade lower as traders took profits following the surge in the Friday session, but rallied again late on optimism that China would see significant demand recovery after signs that their coronavirus surge was receding, and closed $3.71 higher at a two month high of $114.20 a barrel, amid heightened geopolitical tensions in Europe after Sweden and Norway made a formal decision to join NATO...but oil prices turned lower on Tuesday, as EU countries failed to agree to ban Russian oil exports in the face of opposition from Hungary. and then fell more than 2% in market-on-close trading in reaction to reports suggesting the Biden administration was prepared to lift sanctions on Venezuelan oil exports amid tightening global supplies, and settled $1.80 lower at $112.40 a barrel....oil prices rose overnight after the American Petroleum Institute (API) reported a 2.5 million barrels draw on crude supplies against analysts' predictions of a 1.5 million barrel build and opened 1% higher on Wednesday, and rallied further in preinventory trading after the release of upbeat data on consumer spending and industrial production for April showed continued momentum for the U.S. economy, but turned lower after EIA data showed U.S. refiners ramped up output, easing worries of a supply crunch, and as traders took a cues from a drop in the stock market and oil fell $2.81 or 2.5% to $109.59 a barrel.....oil dropped more than 1.5% early Thursday, extending its decline after the brutal sell-off of equities in the previous session, as traders worried over the risk of a recession as the Fed moved to aggressively tighten monetary policy, but recovered from early losses to move higher as lingering fears over tight global supplies outweighed fears over slower economic growth, and then rallied late to settle Thursday's session with a gain of $2.62 to $112.21 a barrel as traders refocused on tightening fuel supplies in the US & globally, with US distillate inventories drawn down to their lowest level in 14 years....oil prices continued higher early Friday, as US stock markets rebounded after a three-session selloff, rising as loosening of COVID-19 restrictions in China helped fuel demand, and settled $1.02 higher at $113.23 a barrel, thus logging a 2.5% increase on the week, as demand for motor fuels and shrinking inventories ahead of the summer driving season underscored a fundamentally tight supply situation, eclipsing the concerns about an economic slowdown that roiled global financial markets...
natural gas prices also finished higher, for the eighth time in ten weeks, as output slipped while demand for power generation and for exports remained high... after falling 4.7% to $7.663 per mmBTU last week as domestic production recovered and weather forecasts moderated, the contract price of natural gas for June delivery bounced back on Monday as traders mulled reports of robust power burns and lighter production, and settled 29.3 cents, or more than 4% higher at $7.956 per mmBTU, as higher European prices kept demand for US LNG exports strong...lower gas output and new forecasts for early summer heat sent US natural gas prices higher again on Tuesday. rising another 34.8 cents to $8.304 per mmBTU, and they then see-sawed in a narrow range through much of trading Wednesday before closing 6.4 cents higher at $8.368 per mmBTU, as demand continued to outstrip supply...the rally finally fizzled on Thursday, as gas prices slipped 6.0 cents to $8.308 per mmBTU on a slow increase in output as some forecasts called for milder weather over the next two weeks, and then saw their second day of losses on Friday, falling 22.5 cents to $8.083 per mmBTU, as sellers took control of the market in a wave of profit taking...despite those Thursday and Friday losses, natural gas prices ended 5.5% higher on the week, more than recouping their losses of the previous week...
The EIA's natural gas storage report for the week ending May 13th indicated that the amount of working natural gas held in underground storage in the US rose by 89 billion cubic feet to 1,732 billion cubic feet by the end of the week, which still left our gas supplies 358 billion cubic feet, or 17.1% below the 2,090 billion cubic feet that were in storage on May 13th of last year, and 310 billion cubic feet, or 15.2% below the five-year average of 2,042 billion cubic feet of natural gas that have been in storage as of the 13th of May over the most recent five years....the 89 billion cubic foot injection into US natural gas working storage for the cited week was a bit more than the average forecast for a 87 billion cubic foot injection from an S&P Global Platts survey of analysts, and it was also a bit more than the average injection of 87 billion cubic feet of natural gas that had typically been added to our natural gas storage during the same week over the past 5 years, while it was somewhat more than the 71 billion cubic feet that were added to natural gas storage during the corresponding week of 2021...
The Latest US Oil Supply and Disposition Data from the EIA
US oil data from the US Energy Information Administration for the week ending May 13th indicated that after a jump in our oil exports, another oil withdrawal from the SPR, and an increase in demand that could not be accounted for, we had to pull oil out of our stored commercial crude supplies for the 2nd time in 7 weeks, and for the 25th time in the past 42 weeks …our imports of crude oil rose by an average of 299,000 barrels per day to an average of 6,568,000 barrels per day, after falling by an average of 62,000 barrels per day during the prior week, while our exports of crude oil rose by 641,000 barrels per day to 3,520,000 barrels per day during the week, which together meant that our trade in oil worked out to a net import average of 3,048,000 barrels of oil per day during the week ending May 13th, 342,000 fewer barrels per day than the net of our imports minus our exports during the prior week…over the same period, production of crude oil from US wells was reportedly 100,000 barrels per day higher at 11,900,000 barrels per day, and hence our daily supply of oil from the net of our international trade in oil and from domestic well production appears to have totaled an average of 14,948,000 barrels per day during the cited reporting week…
Meanwhile, US oil refineries reported they were processing an average of 15,935,000 barrels of crude per day during the week ending May 13th, an average of 239,000 more barrels per day than the amount of oil than our refineries processed during the prior week, while over the same period the EIA’s surveys indicated that a net of 1,201,000 barrels of oil per day were being pulled out of the supplies of oil stored in the US….so based on that reported & estimated data, this week’s crude oil figures from the EIA appear to indicate that our total working supply of oil from storage, from net imports and from oilfield production was 214,000 barrels per day more than what our oil refineries reported they used during the week…to account for that disparity between the apparent supply of oil and the apparent disposition of it, the EIA just inserted a (-214,000) barrel per day figure onto line 13 of the weekly U.S. Petroleum Balance Sheet in order to make the reported data for the daily supply of oil and for the consumption of it balance out, a fudge factor that they label in their footnotes as “unaccounted for crude oil”, thus suggesting there must have been an error or omission of that magnitude in this week’s oil supply & demand figures that we have just transcribed..... moreover, since last week’s EIA fudge factor was at (+719,000) barrels per day, that means there was a 933,000 barrel per day difference between this week's balance sheet error and the EIA's crude oil balance sheet error from a week ago, and hence the week over week supply and demand changes indicated by this week's report are completely worthless....however, since most everyone treats these weekly EIA reports as gospel, and since these figures often drive oil pricing, and hence decisions to drill or complete oil wells, we’ll continue to report this data just as it's published, and just as it's watched & believed to be reasonably accurate by most everyone in the industry...(for more on how this weekly oil data is gathered, and the possible reasons for that “unaccounted for” oil, see this EIA explainer)….
week's 1,201,000 barrel per day decrease in our overall crude oil inventories left our total oil supplies at 958,804,000 barrels at the end of the week, our lowest oil inventory level since February 4th, 2005, and thus a 17 year low….this week's oil inventory decrease came as 485,000 barrels per day were being pulled our commercially available stocks of crude oil, while 716,000 barrels per day of oil were being pulled out of our Strategic Petroleum Reserve at the same time....that draw on the SPR would now include the initial emergency withdrawal under Biden's "Plan to Respond to Putin’s Price Hike at the Pump", that is expected to supply 1,000,000 barrels of oil per day to commercial interests from now up to the midterm elections in November, in the hope of keeping gasoline and diesel fuel prices from rising further up until that time, as well as the previous 30,000,000 million barrel release from the SPR to address Russian supply related shortfalls, and the administration's earlier plan to release 50 million barrels from the SPR to incentivize US gasoline consumption....since both the press releases from the administration on the SPR releases and the news coverage of them have been less than clear, we'll again include here a copy of the SPR release schedule that the Congressional Research Service prepared for members of Congress, so that they'd be able to front-run Energy Department oil releases in their own trading accounts...
the Biden administration's releases from the SPR fall under 3 categories, as shown above...the initial Biden SPR release was a combination of a mandatory sale and an exchange, wherein the oil companies receiving oil from the SPR would be expected to pay it back, while the most recent SPR release was all categorized as an emergency sale, meant to replace the Russian oil lost due to sanctions in the wake of the Ukraine situation....including other withdrawals from the Strategic Petroleum Reserve under recent release programs, a total of 118,165,000 barrels of oil have now been removed from the Strategic Petroleum Reserve over the past 22 months, and as a result the 537,984,000 barrels of oil still remaining in our Strategic Petroleum Reserve is now the lowest since November 27th, 1987, or at a 34 year low, as repeated tapping of our emergency supplies for non-emergencies or to pay for other programs has already drained those supplies considerably over the past dozen years....furthermore, the total 180,000,000 barrel drawdown over the next six months will remove almost a third of what remains in the SPR, and leave us with what would be less that a 20 day supply of oil at today's consumption rate..
Further details from the weekly Petroleum Status Report (pdf) indicate that the 4 week average of our oil imports rose to an average of 6,276,000 barrels per day last week, which was 4.7% more than the 5,961,000 barrel per day average that we were importing over the same four-week period last year….this week’s crude oil production was reported to be 100,000 barrels per day higher at 11,900,000 barrels per day because the EIA's rounded estimate of the output from wells in the lower 48 states was 100,000 barrels per day higher at 11,500,000 barrels per day, while Alaska’s oil production was unchanged at 447,000 barrels per day and had no impact on the final rounded national total....US crude oil production had reached a pre-pandemic high of 13,100,000 barrels per day during the week ending March 13th 2020, so this week’s reported oil production figure was 9.2% below that of our pre-pandemic production peak, but was 41.2% above the interim low of 8,428,000 barrels per day that US oil production had fallen to during the last week of June of 2016...
US oil refineries were operating at 91.8% of their capacity while using those 15,935,000 barrels of crude per day during the week ending May 13th, up from the 90.0% utilization rate of the prior week, and close to the historical utilization rate for mid May refinery operations…the 15,935,000 barrels per day of oil that were refined this week were 5.4% more barrels than the 15,116,000 barrels of crude that were being processed daily during week ending May 14th of 2021, and 23.5% more than the 12,903,000 barrels of crude that were being processed daily during the week ending May 15th, 2020, when US refineries were operating at what was then a much lower than normal 69.4% of capacity during the first wave of the pandemic, but still 4.4% less than the 16,676,000 barrels that were being refined during the prepandemic week ending May 10th 2019, when refinery utilization was at a bit below normal 90.5% for the second weekend of May...
Even with the increase in the amount of oil being refined this week, gasoline output from our refineries was a somewhat lower, decreasing by 142,000 barrels per day to 9,574,000 barrels per day during the week ending May 13th, after our gasoline output had increased by 27,000 barrels per day over the prior week.…this week’s gasoline production was 1.8% less than the 9,753,000 barrels of gasoline that were being produced daily over the same week of last year, and 3.4% below our gasoline production of 9,912,000 barrels per day during the week ending May 10th, 2019, ie, the year before the pandemic impacted gasoline output....at the same time, our refineries’ production of distillate fuels (diesel fuel and heat oil) decreased by 2,000 barrels per day to 4,880,000 barrels per day, after our distillates output had increased by 163,000 barrels per day over the prior week…and after recent increases, our distillates output was 7.2% more than the 4,553,000 barrels of distillates that were being produced daily during the week ending May 14th of 2021, but still 4.1% less that the 5,264,000 barrels of distillates that were being produced daily during the week ending May 10th, 2019...
With the decrease in our gasoline production, our supplies of gasoline in storage at the end of the week fell for the thirteenth time in fifrteen weeks, decreasing by 4,779,000 barrels to 220,189,000 barrels during the week ending May 13th, after our gasoline inventories had decreased by 3,607,000 barrels over the prior week....our gasoline supplies decreased again this week because the amount of gasoline supplied to US users increased by 325,000 barrels per day to 9,027,000 barrels per day, while our imports of gasoline rose by 181,000 barrels per day to 876,000 barrels per day and while our exports of gasoline rose by 15,000 barrels per day to 957,000 barrels per day....but even with 14 inventory drawdowns over the past 15 weeks, our gasoline supplies were still only 6.0% lower than last May 14th's gasoline inventories of 234,226,000 barrels, and 8% below the five year average of our gasoline supplies for this time of the year…
However, even with our distillates production little changed, our supplies of distillate fuels increased for the 4th time in eightteen weeks and for the 11th time in thirty-seven weeks, rising by 1,235,000 barrels to 105,264,000 barrels during the week ending May 13th, after our distillates supplies had decreased by 913,000 barrels to a 17 year low during the prior week….our distillates supplies rose this week even though the amount of distillates supplied to US markets, an indicator of our domestic demand, rose by 39,000 barrels per day to 3,816,000 barrels per day, because our exports of distillates fell by 355,000 barrels per day to 1,357,000 barrels per day, while our imports of distillates fell by 8,000 barrels per day to 114,000 barrels per day....but.after forty-one inventory withdrawals over the past fifty-eight weeks, our distillate supplies at the end of the week were 20.3% below the 132,095,000 barrels of distillates that we had in storage on May 7th of 2021, and about 22% below the five year average of distillates inventories for this time of the year…
Meanwhile, with this week's increase in our oil exports and an increase in unexplained demand, our commercial supplies of crude oil in storage fell for the 15th time in 25 weeks and for the 33rd time in the past year, decreasing by 3,394,000 barrels over the week, from 424,214,000 barrels on May 6th to 420,820,000 barrels on May 13th, after our commercial crude supplies had increased by 8,487,000 barrels over the prior week…with this week’s decrease, our commercial crude oil inventories fell to about 14% below the most recent five-year average of crude oil supplies for this time of year, but were still about 18% above the average of our crude oil stocks as of the second weekend of May over the 5 years at the beginning of the past decade, with the disparity between those comparisons arising because it wasn’t until early 2015 that our oil inventories first topped 400 million barrels....since our crude oil inventories had jumped to record highs during the Covid lockdowns of spring 2020, and then jumped again after last year's winter storm Uri froze off US Gulf Coast refining, our commercial crude oil supplies as of this May 13th were 13.4% less than the 486,011,000 barrels of oil we had in commercial storage on May 14th of 2021, and were also 20.8% less than the 531,476,000 barrels of oil that we had in storage on May 15th of 2020, and 10.8% less than the 472,035,000 barrels of oil we had in commercial storage on May 10th of 2019…
Finally, with our inventories of crude oil and our supplies of all products made from oil remaining near multi year lows, we are also continuing to keep track of the total of all U.S. Stocks of Crude Oil and Petroleum Products, including those in the SPR....the EIA's data shows that the total of our oil and oil product inventories, including those in the Strategic Petroleum Reserve and those held by the oil industry, and thus including everything from gasoline and jet fuel to propane/propylene and residual fuel oil, fell by 7,939,000 barrels this week, from 1,699,318,000 barrels on May 6th, 1,691,379,000 barrels on May 13th, after our total inventories had risen by 2,898,000 barrels during the prior week....that left our total liquids inventories down by 97,054,000 barrels over the first 18 weeks of this year, and at the lowest since Nov 14, 2008, or at a 13 1/2 year low...
This Week's Rig Count
The number of drilling rigs running in the US increased for the 74th time over the prior 86 weeks during the week ending May 20th, but still remained 8.3% below the prepandemic rig count.....Baker Hughes reported that the total count of rotary rigs drilling in the US increased by fourteen to 728 rigs this past week, which was also 273 more rigs than 455 rigs that were in use as of the May 21st report of 2021, but was still 1,201 fewer rigs than the shale era high of 1,929 drilling rigs that were deployed on November 21st of 2014, a week before OPEC began to flood the global market with oil in an attempt to put US shale out of business….
The number of rigs drilling for oil was up by 13 to 576 oil rigs during this week, after rigs targeting oil had increased by 6 during the prior week, and there are now 220 more oil rigs active now than were running a year ago, even as they still amount to just 35.8% of the shale era high of 1609 rigs that were drilling for oil on October 10th, 2014, and as they are still down 15.7% from the prepandemic oil rig count….at the same time, the number of drilling rigs targeting natural gas bearing formations rose by 1 to 150 natural gas rigs, which was the most natural gas rigs deployed since September 13th, 2019, up by 51 natural gas rigs from the 99 natural gas rigs that were drilling during the same week a year ago, even as they were still only 9.3% of the modern high of 1,606 rigs targeting natural gas that were deployed on September 7th, 2008…in addition to rigs targeting oil and gas, Baker Hughes continues to show two "miscellaneous" rigs active; one is a rig drilling vertically for a well or wells intended to store CO2 emissions in Mercer county North Dakota, and the other is also a vertical rig, drilling 5,000 to 10,000 feet into a formation in Humboldt county Nevada that Baker Hughes doesn't track...a year ago, there were no such "miscellaneous" rigs running...
The offshore rig count in the Gulf of Mexico remained at seventeen rigs this week, with all of this week's Gulf rigs drilling for oil in Louisiana waters....that's three more than the count of offshore rigs that were active in the Gulf a year ago, when all 14 Gulf rigs were drilling for oil offshore from Louisiana…in addition to rigs drilling in the Gulf, there's also an offshore rig drilling in the Cook Inlet of Alaska, where natural gas is being targeted at a depth greater than 15,000 feet....a year ago, there were no offshore rigs other than those deployed in the Gulf of Mexico....in addition to rigs offshore, we also have a water based directional rig, drilling for oil at a depth between 10,000 and 15,000 feet, inland in the Galveston Bay area, while during the same week of a year ago, there was also one such "inland waters" rig deployed...
The count of active horizontal drilling rigs was up by 13 to 664 horizontal rigs this week, which was also 252 more rigs than the 412 horizontal rigs that were in use in the US on May 21st of last year, but still 51.7% less than the record 1,374 horizontal rigs that were drilling on November 21st of 2014....at the same time, the directional rig count was up by 1 to 39 directional rigs this week, and those were up by 11 from the 28 directional rigs that were operating during the same week a year ago…meanwhile, the vertical rig count was unchanged at 25 vertical rigs this week, while those were up by 10 from the 15 vertical rigs that were in use on May 21st of 2021….
The details on this week’s changes in drilling activity by state and by major shale basin are shown in our screenshot below of that part of the rig count summary pdf from Baker Hughes that gives us those changes…the first table below shows weekly and year over year rig count changes for the major oil & gas producing states, and the table below that shows the weekly and year over year rig count changes for the major US geological oil and gas basins…in both tables, the first column shows the active rig count as of May 20th, the second column shows the change in the number of working rigs between last week’s count (May 13th) and this week’s (May 20th) count, the third column shows last week’s May 13th active rig count, the 4th column shows the change between the number of rigs running on Friday and the number running on the Friday before the same weekend of a year ago, and the 5th column shows the number of rigs that were drilling at the end of that reporting week a year ago, which in this week’s case was the 21st of May, 2021...
as you can see, this week's increase was led by Texas, which comes on the heels of an unusual four week period when Texas activity had actually netted a one rig decrease..,,so we'll start by checking the Rigs by State file at Baker Hughes for the changes in Texas Permian, where we find that two rigs were added in Texas Oil District 8, which is the core Permian Delaware, and that three rigs were added in Texas Oil District 7C, which includes the northernmost counties in the Permian Midland, and that two more rigs were added in Texas Oil District 8A, which covers the southern counties in the Permian Midland....since the national Permian rig count was up by eight and there were no additions in New Mexico, that means the rig that was added in Texas Oil District 7B, which includes a county in the easternmost Permian Midland, was also a Permian basin addition...elsewhere in Texas, we find that two rigs were added in Texas Oil District 1, that a rig was added in Texas Oil District 3, and that another rig was added in Texas Oil District 4; three of those four account for the three oil rig increase in the Eagle Ford shale, while the other is targeting a basin that Baker Hughes doesn't track, possibly the Austin Chalk formation, which sits atop the Eagle Ford shale in parts of its range...Texas also had a rig added in Texas Oil District 6, which accounts for one of the rigs added to the Haynesville shale, and a rig pulled out of Texas Oil District 10, which accounts for the rig lost in the Granite Wash basin in the panhandle region...the only changes outside of Texas were an oil rig addition in Oklahoma's Ardmore Woodford, and a rig added in Louisiana's Haynesville shale...one of the Haynesville shale additions was a natural gas rig, the other was targeting oil, and there are now three oil directed rigs running in the mostly gassy Haynesville....if anyone needs to know where those Haynesville shale oil rigs are, that can be determined by tediously checking the individual well records in the North America Rotary Rig Count Pivot Table (Feb 2011 - Current)..
DUC well report for April
Monday of this week saw the release of the EIA's Drilling Productivity Report for May, which included the EIA's April data on drilled but uncompleted (DUC) oil and gas wells in the 7 most productive shale regions (shown under the report's tab 3)....that data showed a decrease in uncompleted wells nationally for the 23rd consecutive month in April, as both completions of drilled wells and drilling of new wells increased in April, but remained well below average pre-pandemic levels...for the 7 sedimentary regions covered by this report, the total count of DUC wells decreased by 70 wells, falling from 4,293 DUC wells in March to 4,223 DUC wells in April, which was the lowest number of US wells left uncompleted on record, and also 36.1% fewer DUCs than the 6,611 wells that had been drilled but remained uncompleted as of the end of April of a year ago...this month's DUC decrease occurred as 874 wells were drilled in the 7 regions that this report covers (representing 87% of all U.S. onshore drilling operations) during April, up from the 825 wells that were drilled in March, while 944 wells were completed and brought into production by fracking them, up by 7 from the 937 well completions seen in March, and up by 146 from the 798 completions seen in April of last year....at the April completion rate, the 4,223 drilled but uncompleted wells remaining at the end of the month represents a 4.5 month backlog of wells that have been drilled but are not yet fracked, down from the 4.6 month DUC well backlog of a month ago, and the lowest backlog since December 2014, despite a completion rate that is still roughly 20% below 2019's pre-pandemic average...
only the oil producing regions saw a net DUC well decrease April, since the natural gas producing Haynesville shale saw an increase in DUCs that was greater than the Appalachian DUC decrease....the number of uncompleted wells remaining in the Permian basin of west Texas and New Mexico decreased by 46, from 1,302 DUC wells at the end of March to 1,256 DUCs at the end of April, as 388 new wells were drilled into the Permian basin during April, while 434 already drilled wells in the region were being fracked....in addition, the number of uncompleted wells remaining in Oklahoma's Anadarko basin decreased by 12, falling from 740 at the end of March to 728 DUC wells at the end of April, as 55 wells were drilled into the Anadarko basin during April, while 68 Anadarko wells were completed....at the same time, DUC wells in the Niobrara chalk of the Rockies' front range decreased by 8, falling from 317 at the end of March to a record low of 309 DUC wells at the end of April, as 96 wells were drilled into the Niobrara chalk during April, while 104 Niobrara wells were completed....meanwhile, there was a decrease of 7 DUC wells in the Bakken of North Dakota, where DUC wells fell from 426 at the end of March to a record low of 419 DUCs at the end of April, as 69 wells were drilled into the Bakken during April, while 76 of the drilled wells in the Bakken were being fracked.....in addition, DUCs in the Eagle Ford shale of south Texas decreased by 6, from 642 DUC wells at the end of March to a record low of 636 DUCs at the end of April, as 100 wells were drilled in the Eagle Ford during April, while 106 already drilled Eagle Ford wells were being fracked....
among the natural gas producing regions, the drilled but uncompleted well count in the Appalachian region, which includes the Utica shale, fell by 3 wells, from 471 DUCs at the end of March to a record low of 468 DUCs at the end of April, as 92 wells were drilled into the Marcellus and Utica shales during the month, while 95 of the already drilled wells in the region were fracked....on the other hand, the uncompleted well inventory in the natural gas producing Haynesville shale of the northern Louisiana-Texas border region rose by 12, from 395 DUCs in March to 407 DUCs by the end of April, as 73 wells were drilled into the Haynesville during February, while 61 of the already drilled Haynesville wells were fracked during the same period....thus, for the month of April, DUCs in the five major oil-producing basins tracked by this report (ie., the Anadarko, Bakken, Niobrara, Permian, and Eagle Ford) decreased by a total of 79 wells to 3,348 DUC wells, while the uncompleted well count in the major natural gas basins (the Marcellus, the Utica, and the Haynesville) increased by net of 9 wells to 875 wells, although as this report notes, once into production, more than half the wells drilled nationally will produce both oil and gas...
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note: there's more here...
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