Over the weekend and into the start of this week, Winter Storm Fern knocked up to 2 million barrels per day of U.S. oil production offline, roughly 15% of the nation's output, mostly in the Permian Basin. Shut‑ins peaked Saturday, and losses had eased by Monday.
Here's The Damage
- Permian Basin: ~1.5 million bpd shut in at peak
- Bakken: ~80,000–110,000 bpd offline in North Dakota
- Natural gas production and flow have been disrupted by freeze‑offs, reducing output in key basins
- Temperatures plunged well below seasonal averages across major producing regions during the storm
Natural gas prices surged significantly.
Benchmark futures climbed above $6/MMBtu during the cold snap, one of the strongest weekly moves in years as the market reacted to freeze‑off risks and heightened demand for heating.
What's Happening On Location Right Now
Frozen wellheads and equipment freeze‑offs have been widely reported. Some operators held equipment offline to protect infrastructure and crews. Road and weather conditions remain dangerous in affected areas.
For crews working through this, stay safe, check on your people and your gear.
This is what we signed up for, but that doesn't make it easy.
Production will come back. The timeline is the risk.
Anyone working in this on location right now?