The speed at which new rigs are put to new developments is considerably less than in previous price cycles. Most US shale producers are being conservative in their production and capital guidance, as priorities remain around protecting balance sheets and generating free cash flow. For many operators, this has led to a drawdown of drilled but uncompleted (DUC) inventory wells in the past six months, to reduce capital expenditure while maintaining production levels, says GlobalData, a leading data and analytics company.
Steven Ho, Upstream Oil & Gas Analyst at GlobalData, comments: “Uncertainty around the pace of economic recovery in some regions …
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