Oil & Gas; Pumpjack; Drilling; rig activity; rig reports; rig counts

Since 2015 Canadian oil & gas producers have been facing considerable headwinds. Even more unfortunate is these headwinds are primarily homegrown. Constrained export capacity combined with unnecessarily slow federal approvals for new projects have created depressed realized prices putting many into a negative free cash flow (“FCF”) position. While areas in the U.S. like the Permian, Eagleford and Bakken are booming, Canadian companies continue to struggle.

With that pretext, it is no surprise we have seen an increase in the number of E&P assets being abandoned.

Using the latest data from the Orphan Well Association (“OWA”) we have prepared a simple Power BI report which presents the number of abandoned wells, facilities and pipelines.

The report is a snapshot of the data as of January 2019. We are working the with OWA to examine historical data.


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