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Editorial Dept

Editorial Dept

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Pipeline Problems Plague North America

Friday September 7, 2018

In the latest edition of the Numbers Report, we’ll take a look at some of the most interesting figures put out this week in the energy sector. Each week we’ll dig into some data and provide a bit of explanation on what drives the numbers.

Let’s take a look.

(Click to enlarge)

Key Takeaways

- Crude inventories fell again, dipping close to the 400-mb range.

- However, gasoline inventories rose, offsetting some of the crude draw.

- Oil prices fell after the mixed numbers were released, perhaps overshadowed by larger factors such as the threat of a trade war escalation.

1. DUC list continues to grow

(Click to enlarge)

- The number of drilled but uncompleted wells continues to grow, hitting 8,033 in July, up from 5,504 at the start of 2017 and 7,198 in January 2018.
- The Permian accounts for a large slice of the DUC backlog, with the total standing at 3,470 in July.
- According to the FT, executives from Schlumberger (NYSE: SLB) and Halliburton (NYSE: HAL) admitted at an industry conference that drilling activity in the Permian was slowing down, reducing their leverage in pricing negotiations with oil producers.
- Halliburton’s CEO said that the shale slowdown, combined with some project delays in the Middle East, will reduce quarterly earnings by 8-10 cents per share. The company’s stock fell by nearly 6 percent on that statement.
- Schlumberger’s…




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