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New techniques and technologies being piloted by Chevron in the Permian Basin are improving drilling and completed cycle times. Executives at the California-based major hope to eventually improve overall resource recovery from its shale portfolio.
Baker Hughes said U.S. oil rigs rose two to 500 this week, their highest since Dec. 15, while gas rigs were unchanged at 120.
A land grab for top-quality drilling locations fueled record Permian Basin M&A activity in 2023. To preserve inventory, E&Ps are radically slashing drilling activity on their new assets, East Daley Analytics reports.
As the oilfield service market faces headwinds from consolidation and a dwindling rig count, ProPetro CEO Sam Sledge sees Permian Basin demand picking up for next-generation equipment.
Oil prices keep rising, but U.S. rig counts keep dropping. It's a new comfort zone for America's oil and gas business.