Industry at a Glance
Despite consistently higher oil prices over the last several months, U.S. shale drillers continued to show restraint, limiting activity in favor of working down the DUC backlog. In August, there were 5,713 DUC wells in the U.S., 26% fewer than the year-ago tally of 7,665. U.S. drilling activity surged slightly, with an average of 503 rigs working in August, 20 more than reported in July. The largest gain was in Texas, which experienced an increase of six rigs to average 231 in August. Operators added five rigs in Wyoming for a total of 17. Crude prices retreated in August, with WTI and Brent dropping 6.6% and 5.9%, respectively. International activity averaged 896 rigs in July, 35 more more than in June. The gain was mainly in Canada, where operators added 42 units to average 145.
- 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)
