Industry at a glance
Despite restricted Russian supply, due to the war in Ukraine, crude prices slipped in April. WTI dropped 6.2% to $101.78/bbl, with Brent trading at $101.78/bbl, down 13.2% compared to March. Despite lower prices, U.S. operators finally started ramping up drilling activity, which is typically the case in a high-price environment. The rig count averaged 690 units in April, up 4% from 662 counted in March. The majority of the increase was on the Texas side of the Permian basin, where operators added 17 rigs, an increase of 10%. In April, there were 4,223 DUCs in the U.S., 38% fewer than the year-ago tally of 6,857. DUCs in the Permian have plunged 57% on a y-o-y basis. International activity averaged 1,000 rigs in March, 33 less than in February.
- Grit, gigabytes, and tiny particles: What it takes to drill in West Texas today (July 2024)
- Drilling advances and where they’re headed (July 2024)
- Can an offshore drilling rig run on green methanol? (May 2024)
- Industry at a glance (December 2021)
- The last barrel (December 2021)
- Executive viewpoint (December 2021)
