Crude prices surged, when OPEC+ made a surprise pledge to keep output steady, despite increased demand, as the global economy recovered from the Covid-19-induced slump. The Saudis also agreed to maintain their 1-MMbopd production cut. The restricted output, combined with increased demand, has caused oil prices to surge 35% this year. Despite upward trending prices, U.S. shale producers prioritized debt reduction over drilling to increase shareholder ROI. However, the number of rigs drilling in U.S. oil plays has increase 80%, since bottoming out in August 2020. In February, U.S. drilling activity averaged 397 rigs, a 7.6% gain compared to the 369 reported in January. The majority of the increase was in Texas, where operators put 23 rigs back to work. International activity averaged 814 rigs in January, 49 more than in December.
- Management issues- Dallas Fed: Activity sees modest growth; outlook improves, but cost increases continue (October 2023)
- Industry at a glance (June 2023)
- Industry at a glance (May 2023)
- Management issues- Dallas Fed: Oil and gas expansion stalls amid surging costs and worsening outlooks (May 2023)
- Executive viewpoint (April 2023)
- Global offshore market is on the upswing (April 2023)
- Applying ultra-deep LWD resistivity technology successfully in a SAGD operation (May 2019)
- Adoption of wireless intelligent completions advances (May 2019)
- Majors double down as takeaway crunch eases (April 2019)
- What’s new in well logging and formation evaluation (April 2019)
- Qualification of a 20,000-psi subsea BOP: A collaborative approach (February 2019)
- ConocoPhillips’ Greg Leveille sees rapid trajectory of technical advancement continuing (February 2019)
