The Texas Railroad Commission released its March 2014 Drilling and Completion Report today, and reported completions were far higher than new permits for the third month in a row. This likely reflects late reporting of earlier completions, since drilling activity has been on a gentle upward slope for over two years.
Gas permits showed an increase for the first time in a great while, suggesting that gas rig counts may rebound a bit from the current low of 91 active rigs. Oil activity remained strong, and total new drilling permits hit a 9 month high.
Texas rig counts show strength in oil directed activity outweighing smaller declines in gas directed drilling for over two years now.