Monday, January 9, 2017

Texas Drilling and Completion Activity in December: Oil Gains, Gas Loses

The Texas Railroad Commission reported December drilling, completion, and permitting activity today.  It showed a sharp increase in well permits, and a rise in reported new oil well completions.  Gas completions, however, hit a new low at just 75 new wells:

Oil completions rose from 264 to 384, along with oil rig counts and prices:

But little gas activity has materialized in response to a 4 month price trend, and prices are now well below the December average, so January activity may not prove overwhelming either: