What is a common method of measuring drilling performance?

Using drilling efficiency ratios or cost per foot is a common method of measuring drilling performance because it provides a comprehensive view of how effectively the drilling process is being executed in relation to costs incurred. This method helps operators understand the return on their investment by quantifying the performance based on both time and financial expenditures.

In drilling operations, efficiency ratios provide valuable metrics that combine various aspects of performance, including time management, resource utilization, and overall cost structure. This allows teams to identify trends, compare against benchmarks, and make data-driven decisions aimed at improving productivity and reducing unnecessary expenses.

Evaluating drilling performance solely on aspects like drilling speed per hour or depth drilled per day might miss crucial factors such as the cost of drilling operations and material consumption, which can lead to a misunderstanding of overall efficiency. While these metrics are useful, they do not capture the complete picture of the economic and operational effectiveness of the drilling process. Similarly, comparing bit wear provides insight into tool performance but does not inherently reflect the overall drilling operation's efficiency or cost-effectiveness. Thus, calculating drilling efficiency ratios or cost per foot stands out as a more holistic approach to performance measurement.