The Texas Railroad Commission issued the May Drilling, Completion, and Permitting Report which saw a rebound in well completions and an uptick in permits. Reported well completions typically suffer from backlog and latency issues, and April completions were exceptionally low.
The strength in drilling permits continued the six month trend upward, which augurs well for production. 5 of every 6 wells were completed as oil wells, but the total gas well completion count rose noticeably to 323 in May.
