According to an analysis we ran this month, the pace of horizontal oil well completions in Texas has fallen off. Take a look at the chart below. This is a change from the results of our prior analysis in mid/late May which showed that completions had maintained a steady pace vs the start of the year.
While a slowing in well completions is reasonable to expect given the reduction in rig count, the data are still incrementally bullish as many in the market continue to seek evidence that lower oil prices will lead to a softening in production growth.
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