In 2004, horizontally drilled wells account for roughly 15% of U.S. crude oil production in tight oil formations. By the end of 2018, that percentage had skyrocketed to 96%. Drilling horizontally allows producers to access more of the oil- and natural gas-bearing rock than drilling vertically. The lateral length of horizontal wells has also increased. […]
UTICA SHALE WELL ACTIVITY AS OF JUNE 1 DRILLED: 229 (259 as of last week) DRILLING: 156 (156) PERMITTED: 489 (492) PRODUCING: 2,223 (2,186) TOTAL: 3,097 (3,093) Read the full article here Source: Cantonrep.com
While spot prices might have risen, investors shouldn’t lose track of the longer-term fundamentals. At its peak in 2011, 60% of the U.S. total trade deficit was due to petroleum. Last year U.S. oil production rose by 17% to a record high of 10.95 million barrels per day, in turn pushing down net petroleum imports […]
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