US Fracking Poised to Enter 2H With Gusto
Fracking operations across the United States realized a material uptick in June after experiencing a flat trend from February to May.
That’s according to Rystad Energy, which said in a company statement posted on its website on Friday that the June rebound is a “welcome signal” that positions U.S. fracking to enter the second half of 2019 “with gusto”.
Rystad’s preliminary estimate for June shows that fracking in the United States came in at 47 wells per day. This was an increase of two from the 45 well per day average seen over the spring months, Rystad highlighted.
The June frac rate is still approximately seven percent behind the peak level observed last year, when operations in May 2018 came in at 50 wells per day, an all-time high, Rystad noted.
“Closing this gap ahead of the start of 2H 2019 – should the trend persist – will position U.S. fracking in 2H 2019 to beat the previously set record from May 2018,” Rystad said in a company statement.
Rystad Energy is an independent energy research and business intelligence company providing data, tools, analytics and consultancy services to the global energy industry, according to its website.
Back in May, the company revealed that just ten percent of U.S. shale oil companies were cash flow positive in the first quarter.
Earlier in the year, Rystad ranked the most valuable U.S. shale portfolios in terms of total net present value, excluding the value of wells which were already producing. The top three portfolios were held by Chevron, EOG Resources and Shell, respectively.
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