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IOGsi RED TOP NEWS:
WEEK #49, December 3, 2020
IOGsi Week #49 Highlights, DECEMBER 3, 2020 - There were 12 new oil and gas Drilling Permits issued in Kansas this past week by the Kansas Corporation Commission. This brings the year-to-date total of new drill locations issued to 436, compared to 1,028 locations a year ago (-58%).
Coffeyville Resources reported Kansas crude prices were up by 25¢ / bbl from a week ago (+0.7%). Kansas Common price posted for December 2nd was $35.50 / bbl, Southcentral Kansas crude $37.25 / bbl and Eastern Kansas crude $32.75 / bbl.
The total number of active drilling rigs in Kansas (moving to or currently on drill sites) decreased from 20 to 17 this week (-15%). A month ago, there were 16 active rigs (+6%). This same time a year ago, 29 rotary rigs were active in the State (-41%).
Statewide this year, 469 wells have been drilled with total footage drilled (TFD) of 1,519,266 ft. TFD for the same period last year was 3,926,216 ft (-61%). Average well total depth in 2020 is 3,239 ft compared to 3,512 ft a year ago. Of the TFD this year, 15,519,266 ft has been drilled in the Western ranges of the State compared to 3,508,610 ft a year ago (-63%). In the Eastern ranges, 230,113 ft has been drilled compared to 417,606 ft a year ago (-45%). There are 158 active well operators who have drilled wells in the State this year compared to 256 a year ago (-38%). Overall drilling activity in Kansas is down about 56%.
In other news, the American Petroleum Institute (API), Washington, D.C., reported U.S. Crude Oil Production for the month of October was down by 2.023 mil b/d from same time a year ago. October oil production totaled of 10.650 mil b/d, compared to 12.673 mil b/d a year ago (-16%). ---------- Alaskan crude oil production of 489,000 b/d accounted for 4.6% of the total crude oil produced by the U.S.----------Total U.S. supply of crude oil, natural gas liquids and other liquids totaled 16.653 mil b/d, down by 11.4% from same period last year. ---------- Total petroleum products delivered to the domestic market amounted to 18.848 mil b/d, a decline of 9.0% from a year ago. ---------- Petroleum exports have declined by nearly 1.24 mil b/d to 7.795 mil b/d – a 13.8% decline compared to same period last year. ---------- U.S. petroleum Trade balance expanded by 164,000 b/d to imply October 2020 net imports of 378,000 b/d. Last year, net imports totaled 440,000 b/d (-14.1%). ---------- U.S. petroleum demand, as measured by total domestic petroleum deliveries, was 18.8 mil b/d and reflected a 5.5% increase from September. ---------- Refinery utilization rate was 74.9% in October. The yearly average is 78.6% compared to 90.1% from a year ago. ---------- Crude oil stocks at the end of October grew by 9.6 mil bbl compared to end of September. Crude oil, excluding lease and SPR stocks, amounted to 485.7 mil bbl, down 9.5% from a year ago.