This site uses cookies to improve your experience. To help us insure we adhere to various privacy regulations, please select your country/region of residence. If you do not select a country, we will assume you are from the United States. Select your Cookie Settings or view our Privacy Policy and Terms of Use.
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Used for the proper function of the website
Used for monitoring website traffic and interactions
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Strictly Necessary: Used for the proper function of the website
Performance/Analytics: Used for monitoring website traffic and interactions
The top posted job titles for May included maintenance technicians (118), retail cashiers (77), and sales associates (70). Producers last month also paid $227 million to the state in natural gas production taxes, up 26 percent from May 2024. million bpd in 2024, 2 percent more than the previous record set in 2023.
Several major basins, including the Permian and Eagle Ford, recorded new lows. Capex trends : E&Ps to cut spending 3% in 2025 vs. 20242024: Flat spending 2023: +27%, 2022: +40%, 2021: +4% Crude Output Forecast (EIA) : 2024: 13.2 Oil rigs drove the decline with a loss of 9, while gas rigs rebounded with a gain of 5.
With a strong footprint in the Delaware Basin and a management team unafraid to act decisively, the remainder of 2025 looks poised to deliver focused growth. Rigs like H&P 313 and H&P 375 have already drilled 50+ wells in 2024 across New Mexico and Texas. NYSE: PR) is charting a course that blends efficiency with upside.
CERAWeek 2025 Insights ExxonMobils expansion in the Permian Basin took center stage during CERAWeek 2025 , where executives highlighted how technology is reshaping operations to maximize efficiency and production. million barrels per day (bpd) accounting for over 16% of the basins total production. energy production, contributing 6.26.3
The Permian Basin is seeing output contraction and rig pullback despite being the top U.S. On the gas side , a projected 95% increase in spot prices in 2025 (per EIA) is expected to stimulate a rebound in drilling after a downturn in 2024. million bpd ( from 6.57 million bpd ( from 6.57 oil-producing region.
Devon Energy Quarterly Drilling Activity Drilling activity grew 20% year-over-year in Q1: Quarter Wells Drilled Q1 2024 99 Q1 2025 119 Bar chart: Devon Energy arterly drilling activity This increase aligns with stronger base performance and better-than-expected well results in the Eagle Ford and Rockies.
bpd in 2024 to 13.4M bpd in 2024 to 13.4M bpd in 2024 to 13.4M Rig Count Drops Again But Production Still Forecast to Rise For the week ending May 16: U.S. bpd in 2025 Gas production: Expected to increase to 104.9 bpd in 2025 Gas production: Expected to increase to 104.9 bpd in 2025 Gas production: Expected to increase to 104.9
The Permian Basin, in particular, saw a notable drop, reaching its lowest rig total since February 2022. While Oklahoma, New Mexico, and several other key states held steady in drilling activity, the national rig count dipped againdriven largely by a sharp decline in natural gas rigs.
Natural Gas Outlook: The EIA forecasts a 73% increase in gas prices in 2025 , which could incentivize more drilling after a 14% price drop in 2024. bcfd in 2024 to 105.2 crude production to hit record highs for the next two years before plateauing later in the decade. gas production is projected to rise from 103.2 bcfd in 2025 and 107.5
million bpd in 2024. Regional drilling activity remains mixed, with the Permian Basin and Eagle Ford experiencing slight declines, while other areas such as Oklahoma and Louisiana are showing growth. A decline of 5% in 2024 and 20% in 2023 due to lower oil prices and a shift in focus toward shareholder returns and debt reduction.
Year-Over-Year Trends: Industry Adjustments Compared to the same period in 2024, the total U.S. million barrels per day (bpd) in 2024 to around 13.6 On the natural gas side, the EIA predicts a 73% increase in spot gas prices in 2025, which could prompt producers to boost drilling activity following a 14% price drop in 2024.
Texas and New Mexico, the largest basins, remain flat week-over-week. Key Takeaways This week marks the second week in a row of rig count growth first time since February 2025. Oklahoma is a bright spot with +10 rigs YoY.
A third issue for him is that, in basins like the Permian, CCUS projects inject into oil formations that are no longer viable for productionat least, not with todays technology and pricing. percent CAGR from 2024 through 2032, projecting the CCUS market to hit $14.5 That reduces your risk greatly if you do that.
The Permian Basin , the largest shale oil-producing region, lost two rigsbringing the total to 287, the lowest since December 2021. Rig activity fell by about 5% in 2024 and 20% in 2023. This puts the national rig count down 3% year-over-year and reflects a broader trend of moderated drilling activity.
We organize all of the trending information in your field so you don't have to. Join 5,000+ users and stay up to date on the latest articles your peers are reading.
You know about us, now we want to get to know you!
Let's personalize your content
Let's get even more personalized
We recognize your account from another site in our network, please click 'Send Email' below to continue with verifying your account and setting a password.
Let's personalize your content