Wednesday, June 22, 2016

Texas Reports Little Change in Oil & Gas Drilling and Permitting Activity in May

The Texas Railroad Commission reported May 2016 Drilling and Permitting Activity this week, showing little improvement in either.  The extra day in May accounted for the slight 3% increase in both completions and and permitting, indicating that exploration and production activity hasn't yet reacted to the stabilization in commodity prices in recent weeks.  This is corroborated by rig count data, which has only shown an uptick in the most recent few weeks, which would be reflected in the June Monthly Drilling, Completion and Plugging Summary, which will be released mid-July.