EIA Mar ’18 Drilling Report: Oil & Gas Output Hit New Records

Yesterday our favorite government agency, the U.S. Energy Information Administration (EIA), issued our favorite monthly report, the Drilling Productivity Report (DPR). The DPR is the EIA’s best guess, based on expert data crunchers, as to how much each of the U.S.’s seven major shale plays will produce for both oil and natural gas in the coming month. The numbers continue to be mind-blowing–hitting new all-time highs that take your breath away. Last month EIA estimated the Marcellus/Utica (called Appalachia in the report) would produce a new high of 27.15 billion cubic feet (Bcf) per day of natural gas, which would be 321 million cubic feet (MMcf) (nearly 1/3 of a Bcf) higher than the month before. The actual number for February turned out to be 27.56. That is, EIA underestimated the number! This month, which is an estimate for all of March, EIA says M-U natgas production will go up ANOTHER 359 MMcf (over 1/3 of a Bcf)! The Permian, an oil play that produces “associated natural gas” along with oil, is estimated to go up another 233 MMcf/d. Yikes! The new total natgas production from all seven major shale plays is estimated to be 66.119 Bcf/d in March. Last year this time output was 55.2 Bcf/d. Mind blowing!…

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