Industry at a Glance
Oil prices were stable in October, on a m-o-m basis. But futures rallied late in the month, when OPEC+ indicated that they would delay a 2-MMbopd increase, planned for January. A rise in the Chinese import quota also sparked a buying spree, with traders hoarding crude in preparation for the higher allowance. However, uncertainty surrounding the U.S. Presidential election, which could reshape U.S. energy policy and delay fiscal stimulus, limited additional gains. U.S. drilling activity continued to recover, averaging 280 units in October, a 15% gain compared to the all-time low of 244 rigs reported on Aug. 14. The majority of the increase was registered in Texas, which added 14 rigs, to average 122 in October. International activity averaged 762 rigs in September, just 38 fewer than reported in August, but 40% less than the year-ago figure of 1,263.
- Management issues- Dallas Fed: Activity sees modest growth; outlook improves, but cost increases continue (October 2023)
- Industry at a glance (June 2023)
- Industry at a glance (May 2023)
- Management issues- Dallas Fed: Oil and gas expansion stalls amid surging costs and worsening outlooks (May 2023)
- Executive viewpoint (April 2023)
- Global offshore market is on the upswing (April 2023)
- Applying ultra-deep LWD resistivity technology successfully in a SAGD operation (May 2019)
- Adoption of wireless intelligent completions advances (May 2019)
- Majors double down as takeaway crunch eases (April 2019)
- What’s new in well logging and formation evaluation (April 2019)
- Qualification of a 20,000-psi subsea BOP: A collaborative approach (February 2019)
- ConocoPhillips’ Greg Leveille sees rapid trajectory of technical advancement continuing (February 2019)
