Drilled but uncompleted wells (DUCs) represent a critical component of oil and gas development, reflecting wells that have been drilled but not yet brought on production through completion processes like hydraulic fracturing. These wells can serve as a strategic inventory, allowing operators to respond to market conditions, such as price fluctuations or infrastructure constraints. Factors like crew shortages, regulatory hurdles, or pipeline capacity, as seen in various geographical areas, often influence DUC accumulation.
In Western Canada, local natural gas prices have remained around $1/mcf or lower for much of the last year and change, potentially reducing the incentive for companies to quickly complete their wells and bring on flush production into a weak commodity pricing environment. Contrast this of course with the startup of LNG Canada, which has begun to ramp up exports (and required feed gas) in the second half of the year since commencing exports on June 30, 2025.
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The following data looks at the Montney’s DUC inventory and provides insight into the region’s development trends and strategic resource management.
Current data from StackDX Maps suggests that there are about 652 Montney wells that have been drilled (or in the process of being drilled) over the last several years but not yet completed. The majority of these DUCs are from wells spud in the summer of 2024 onward.
Figure 1 – Montney DUCs by Spud Date
Perhaps not so coincidentally, summer 2024 was when Alberta natural gas prices really hit rock bottom, with only a limited recovery seen since then.
Figure 2 – Alberta natural gas price
Source: Alberta Energy
As winter draw closer and LNG Canada exports begin to ramp up closer to full capacity, look for operators to use this strategic inventory to respond to any potential increase in local natural gas prices.