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Lynn Helms - Director's Cut

Nov 17, 2020

Lynn HelmsOil Production
August 36,126,492 barrels = 1,165,371 barrels/day
September 36,649,997 barrels = 1,221,667 barrels/day
(all-time high 1,519,037 BOPD Nov 2019)

Gas Production
August Production 81,692,742 MCF = 2,635,250 MCF/day
Gas Captured: 92% 75,104,290 MCF = 2,589,803 MCF/day

September Production 84,409,981 MCF = 2,813,666 MCF/day (all-time high 3,145,172 MCFD Nov 2019)
Gas Captured: 93% 78,479,791 MCF = 2,615,993 MCF/day
(all-time high 2,899,998 MCFD Mar 2020)
The drilling rig count was stable in the mid 50s second half of 2019 through March 2020. Drilling rig count is down 80% January to September of 2020.

The number of well completions has been very volatile since March as the number of active completion crews decreased from 25 to 1 and now 6 with the CARES Act incentive.

Lower crude oil price has put extreme downward pressure on rig and completion crew counts. Unemployment claims are published every Thursday indicating approximately 11,700 layoffs as of 11/07/20 with more jobs at risk due to oil price volatility.

Drilling permit activity is slower and more volatile with oil price volatility. Operators are still attempting to maintain a permit inventory of approximately 12 months and some experienced drilling rig and completion crews.

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