Crude prices were stable in July, but retreated in August as the dollar strengthened when the Federal Reserve said it would start tapering stimulus. Additionally, fear of virus resurgence remains a threat to demand in China. In spite of slumping prices, U.S. drilling activity surged, with an average 483 rigs working in July, 19 more than reported in June. The largest gain was in Texas, which experienced an increase of six rigs to average 225 in July. Also in July, the DUC tally stood at 5,957, 23% less than the year ago figure of 7,685. In the Permian, a 1,231 well y-o-y reduction (-35%), pushed the count down to 2,289. International activity averaged 861 rigs in June, 52 more than in May. The gain was mainly in Canada, where operators added 44 rigs to average 103 (+75%).
- 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)
