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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.
Vaquero Midstream is ramping up its capabilities in the Southern Delaware Basin with two major infrastructure projects: a new 70-mile, 24-inch high-pressure pipeline loop and a 200 MMcf/d cryogenic processing plant near the Waha Hub.
Several major basins, including the Permian and Eagle Ford, recorded new lows. According to the latest Baker Hughes report, the total number of active rigs fell by 4 to 559, the lowest level since November 2021. Oil rigs drove the decline with a loss of 9, while gas rigs rebounded with a gain of 5. Here is a summary of the U.S.
While gas rigs saw a slight uptick, the overall trend reflects a cautious stance by operators amid weaker oil prices, shifting market dynamics, and growing geopolitical uncertainty. The Permian Basin is seeing output contraction and rig pullback despite being the top U.S. Heres a concise summary of the latest U.S. million bpd ( from 6.57
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.
With strong operational momentum, the company delivered above-guidance production and implemented early phases of its business optimization strategycutting capital while maintaining output. Devon delivered a strong first quarter, driven by operating excellence and financial discipline, said CEO Clay Gaspar.
Operators are leaning on efficiency gains and strategic capital deployment to sustain output with fewer rigs. May 19, 2025 As the U.S. Here’s a snapshot of the current landscape, key state-by-state trends, and what it means for 2025. Rig Count Drops Again But Production Still Forecast to Rise For the week ending May 16: U.S.
However, the drop in the Permian Basinthe countrys most prolific oil-producing regionsignals potential caution among operators amid ongoing market uncertainty. Overall Rig Count : Total U.S. rig count held relatively steady this week, with only a modest overall decline. Overall Rig Count : Total U.S.
West Virginia remains a highlight , now operating 11 rigs , having sustained its rig addition from three weeks ago. Oklahomas drilling activity was unchanged at 49 rigs , reflecting stable operations in the region. Operators remain cautious , with many focusing on financial discipline rather than rapid expansion.
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. Regional Breakdown : Permian Basin : Declined by 1 rig to 300, down by 15 rigs compared to last year. Natural gas output is forecasted to reach 105.2
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. Should the CCUS operation move a nearby leases oil out of reach, this could lead to litigation, MacDonald said.
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.
According to Baker Hughes latest rig count released on May 2, the total number of operating rigs fell by three to 584. The Permian Basin , the largest shale oil-producing region, lost two rigsbringing the total to 287, the lowest since December 2021. Key Takeaways: Oil rigs dropped by four to 479, while gas rigs edged up by two to 101.
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