The running rate of frac activity in the Permian has shifted from 15 to 20 wells per week in May and June, to 40 to 45 wells per week in the last three weeks. Last week, week 29, activity was particularly strong with 63 started frac operations based on our preliminary estimates. This level of activity has not been seen in the Permian since early April this year.
Average U.S. daily oil output will fall below 2019’s record 12.2 MMbbl/d for the next two to three years, analysts said.
Recovering more for less is the ultimate goal for operators and service companies.