1,566. That's how many drilled but uncompleted (DUC) wells are left in the United States right now. Lowest since the EIA started tracking them. At the COVID peak we had nearly 9,000. We've burned through 82% of that stockpile in six years.
Where Every Basin Stands Today
- Permian — 893
- Eagle Ford — approximately 210
- Bakken — approximately 175
- Appalachia — approximately 130
- Niobrara — approximately 80
- Haynesville — approximately 50
- Anadarko — approximately 28
Why DUCs Matter
When an operator drills a well, they don't always complete it right away. They leave it sitting — cased, ready, waiting. No frac crew. No production. Just a hole in the ground with potential. That's a DUC. When prices spike or they need production fast, they don't spud a new well. They call the completion crew out to one they already drilled months ago. Drilled well to first oil: 2-4 weeks. Brand new well from scratch: 2-4 months minimum.
DUCs are how this industry responds overnight. They're the emergency lever. And we're almost out of them.
New shale wells lose 70% of their production in year one. That's not a bad well — that's every well. The only thing that offsets that decline is new iron in the ground. With oil swinging $15-20 in a single week right now, nobody's making 18-month drilling commitments. So the stack drains and the holes don't get spud.
At some point the math stops being a warning and starts being a headline. We're close.