{"id":"SEC-23-014","kind":"order","level":"sector-regulator","jurisdiction":"North Dakota","state":"ND","metro":"","industry":"23","agency":"","eco":"","issuer":"NDIC Department of Mineral Resources, Oil and Gas Division","authority":"As SEC-23-013","instrument":"Director\u0027s Cut (May 15, 2020; March 2020 production data)","title":"Director\u0027s Cut, May 15, 2020","dateIssued":"2020-05-15","effective":"n/a","end":"n/a","startDate":"2020-05-15","endDate":"2020-06-30","quarters":["2020Q2"],"types":["OTHER"],"addressees":["the Commission; operators; the public"],"clause":"Rig Count 54... Waiting on completion 59... Industry projected 50-75% reduction in rig count April - June and the count is already down 78% with 4-5 more rig [releases expected]. The number of well completions has been very volatile and has dropped dramatically since March as the number of active completion crews decreasing from 25 to 1. Lower crude oil price has put extreme downward pressure on rig and completion crew counts. Unemployment [claims recited].... liquid fuel demand is expected to bottom out in May 2020.","enforcement":"n/a","functions":["DR","SV","EX","WF"],"notes":"\u0027active completion crews decreasing from 25 to 1\u0027: the regulator\u0027s measure of the completion-services collapse in the Bakken in the second quarter of 2020.","sourceUrl":"https://www.dmr.nd.gov/oilgas/directorscut/directorscut-2020-05-15.pdf","snapshot":"","fileExists":true,"fileBytes":342508,"grade":"primary","character":"","description":"","collection":"SEC-23","url":"/library/SEC-23-014","exhibitUrl":"/exhibit/SEC-23-014","citation":"NDIC Department of Mineral Resources, Oil and Gas Division, Director\u0027s Cut (May 15, 2020; March 2020 production data) (Ex. SEC-23-014)","stateName":"North Dakota","related":["SEC-23-015","SEC-23-016"]}