Shale Producers Deplete DUC Stock, Add Rigs Amid Rising Oil Prices

U.S. shale producers have depleted their stock of drilled-but-uncompleted wells (DUCs) to an all-time low, limiting their ability to quickly increase crude output and make up for rapidly dwindling oil inventories.

The DUC count has fallen for 14 consecutive months due to increased completions in the past year when oil prices were weak. As a result, operators have been forced to complete wells more cheaply than drilling new ones.

However, with U.S. crude futures trading at around $78 a barrel, operators are starting to replenish their DUC inventory by adding rigs and crews. The Permian Basin, which accounts for nearly half of U.S. production, has seen its DUC count fall to 540 in May from 609 in February.

The EIA revised up its 2026 U.S. crude production forecast to 13.65 million bpd, while analysts predict that oil-focused independent operators will draw down their DUC inventory at a record pace over the coming months.