December 2021
Resources
Industry at a glance
Crude prices retreated in November on concern over the rapid spread of the Omicron variant and turmoil for President Biden’s economic plans. WTI and Brent crude both fell 3%, to trade at $79.15 and $81.05/bbl, respectively. Despite lower oil prices, U.S. drilling activity surged 4%, with an average 560 rigs working in November, 22 more than in October. The largest gain was in Texas, which experienced an increase of 18 rigs to average 266 in November. U.S. drillers also continued to work down the DUC backlog. In November, there were 4,855 DUCs in the U.S., 34% fewer than the year-ago tally of 7,330. International activity also increased, averaging 966 rigs in October, 26 more than in September.
About the Authors
Craig Fleming
World Oil
Craig Fleming Craig.Fleming@WorldOil.com
- 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)
