Capital Markets | Capital Expenditure | Capital Expenditure - 2018
Canada Well Forecast for 2019 Will Fall 20% Year over Year
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We were asked by a customer of ours to provide them with a detailed forecast of Canada Drilling & Completion activity forecast. So we looked at the data and here are a few high level findings.
Based on disclosed capital budgets and the relationship between the number of wells drilled by each operator and a few other variables we were able to come up with the following.
We won't break out the forecast by province but just provide some broad overivew of what we found. We forecast in early 2018 that we would see 7,000 wells drilled in Canada based on expected rig count. We are still holding to that number. But something interesting is happening. When you look at the planned capital budgets announced so far, it looks like some of the companies that drill the most wells in Canada is…
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