EIA Data Misleading
We have downloaded recent completions, spuds, and DUC counts. Our key takeaway is that well counts (both spuds & completions) are tracking materially better than the modest 6% Q/Q increase in 3Q rig count. Well count outperformance is being driven by efficiency gains in the Permian (very INEFFICIENT in 1H17) along with continued strength in the Rockies / Bakken and Eagle Ford (drawing down DUCs).
For access to the full report visit: https://corasresearch.com/coras-trends/