If you’re a regular reader of this blog, I don’t have to tell you that Daily Average production numbers can play a critical role in analyzing a well. Often times, operators will not choke back and instead turn production on full blast to impress investors. Looking at Daily Average production can help to get a more accurate view of the well’s performance. Additionally, if you have enough history, looking at the Daily Average over a period of time can give you a good idea of the well’s decline.
However, reporting becomes an issue when trying to compare apples to apples. Some states report the number of days (or “Days On”) within the month wells produce, while others do not. As a result, Daily Average calculation varies in DI Desktop. Specifically, AZ, CA, CO, FO GULF, MT, ND and NM report the number of days wells produce. For all other states, the Daily Average in DI Desktop is derived by using the number of days in the month.
To utilize the “Days On” feature when searching any of the states listed above, first go to the “File” menu at the top left of the DI Desktop window and select “Preferences.” After the preferences window appears, click the “Use ‘Days On’ to calculate Daily Avg.” checkbox.
Next, click the “Grouping” icon.
Then, click the “Production Formatting” tab and select the “Daily Average” radial under the “Production” heading.
To see how many days were used to calculate each well’s production numbers, click the “Details” tab.
Alright, that should be enough to make you dangerous. If you ever need any help walking through this or any other workflows, call our Support line at (888) 477-7667 ext. 3. We would be happy to help you get the most out of your subscription!
Now it’s your turn. What do you think is the best way to get an accurate picture of a well’s ultimate performance? Leave a comment below.
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