The number of drilled but uncompleted wells has reached record highs in the United States, new figures from the U.S. Energy Information Administration show.
In a monthly drilling report released Friday, EIA officials reported that there were 8,500 drilled but uncompleted wells in the United States in March, The Houston Chronicle reports.
The figures mark a slim decline from the 8,504 drilled but uncompleted wells reported in February but represent a 26% increase over those reported in March 2018.
Known in the industry as DUCs, drilled but uncompleted wells are those that have been drilled but have not yet gone through the finishing process needed to begin producing crude oil and natural gas.
The inventory of DUCs has been increasing since late 2016. Facing low crude oil prices, many companies drilled their wells to satisfy lease agreements but opted not to complete them until a break-even price could be reached. Other companies are delaying completion due to a lack of hydraulic fracturing crews of pipeline capacity in some areas. Read the full story.
