On February 17, 2016 North Dakota lndustrial Commission Director, Lynn Helms, published the monthly Directors Cut advising the following:
ND Sweet Crude Price
November $32.16/barrel
December $27.57/barrel
January $21.13/barrel
Today's $16.50/barrel (lowest since February 2002) (all-time high was $136.29 7/3/2008)
Pricing Source: Flint Hills Resources
Rig Count:
November 64
December 64
January 52
Today's rig count is 41 (lowest since July 2009 when it was 40)(all-time high was 218 on 5/29/2012)
The statewide rig count is down 81% from the high and in the five most active counties rig count is down as follows:
Divide -85% (high was 3/2013)
Dunn -76% (high was 6/2012)
McKenzie -75% (high was 1/2014)
Mountrail -88% (high was 6/2011)
Williams -90% (high was 10/2014)
Comments: The drilling rig count was steady from November to December, fell sharply from December to January, and again into this month. Operators are now even more committed to running fewer rigs as oil prices remain at very low levels. The number of well completions remained steady from 77(final) in November to 76 (preliminary) in December. Oil price weakness is now anticipated to last into at least the third quarter of this year and is the main reason for the continued slow-down.
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