What is the Index?
The Drillinginfo Index is the oil and gas industry’s most timely indicator of new oil and gas production trends. The Drillinginfo Index is released several months before production data becomes available through public sources. Far beyond a simple rig count, the Drillinginfo Index uses actual drilling locations, along with permit and production data, to track industry activity with unprecedented accuracy. By analyzing unique sets of industry activity metrics, the Drillinginfo Index provides a holistic view of the health of the U.S. oil and gas industry.
The Drillinginfo Index
- Identifies newly drilled wells for the last month, based on Drillinginfo’s rig and permit databases
- Selects appropriate analog wells for each new drilled well from Drillinginfo’s production database.
- Predicts peak production volumes of the newly drilled wells, based on the analog wells
- Aggregates the information at the national, county, and operator level
How often will the Drillinginfo Index be updated?
The Drillinginfo Index is updated the 2nd Thursday of each month, using data from the previous month. Additionally, the Drillinginfo Index website will feature other relevant data, including rig and permit counts, to help investors, analysts, business owners, operators, and policy makers make critical decisions.
How do you define a rig count?
Rigs are identified as those seeking or maintaining hydrocarbon production. The rig count represents a subset of rigs tracked by Drillinginfo. The rigs are counted based on their tracked drilling status in addition to their reported well type and permit type.
How do you define a permit count?
Permits are identified as those relating to new hydrocarbon development. The permit count represents a subset of the gross permit total based on their reported permit type. Amended permits are excluded to prevent double counting.
What do the units used in the index mean?
- Mbbl/Day: thousand of barrels per day.
- MMcf/Day: million cubic feet per day.
- Bcf/Day: billion cubic feet per day.
- Mboe/Day: thousands of barrels of oil equivalent (Boe) per day, based on a 6 Mcf to 1 Bbl gas to oil conversion ratio.
How are the total new production numbers normalized for month length?
The total new production is the sum of the individual wells’ new production rates, measured in Bbl/Day for oil or Mcf/Day for gas. Even though the individual wells’ flow rates are already normalized for monthly length, longer months will have more total wells spudded, all else being equal. To account for this, the percent change month-over-month is calculated by dividing by the number of days in each month. Effectively, the units being compared are Bbl/Day/Day—i.e., the total daily flow rate spudded per day. However, Bbl/Day/Day is not an intuitive unit of measure, so the topline numbers are shown in Bbl/Day.
Where did the data come from? How did you analyze it?
The Drillinginfo Index is based on our integration of daily rig locations, permitted wells, and local production analysis rolled up from the well level. Drillinginfo is able to identify newly drilled wells and estimate their peak production rate to closely predict changes in new production capacity at the national, county, and operator level. The combined peak production rate of the newly drilled wells is termed “new production capacity,” and provides a more current summary of the domestic oil and gas landscape than traditional, unintegrated industry metrics.
How can I find out more about the Index?
You can find more information about the Index—or request specific datasets and analysis relevant to your needs—at this link.
Does the index include onshore and offshore activity? Is it global?
The Drillinginfo Index only includes onshore activity within the continental United States. Data inputs exclude activity in Alaska, the Gulf of Mexico, and elsewhere in the world.