Wednesday, April 9, 2014

Texas Monthly Drilling and Completion Report: March 2014 Shows Robust Activity

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.