Industry News
The number of oil and gas drilling rigs by American energy companies has increased for the first time in four weeks
Data shows that as of the week ending October 13th, the leading indicator of future production - the number of oil and gas drilling rigs increased by 3 to 622. However, compared to the same period last year, the total number of drilling rigs still decreased by 147, a decrease of 19%.
This week, the number of oil drilling rigs in the United States increased by 5 to 501. The number of natural gas drilling rigs has been reduced by 1 to 117.
US crude oil futures have risen by about 8% so far this year, while the increase in 2022 is about 7%. Meanwhile, natural gas futures prices in the United States have fallen by about 28% so far this year, and rose by about 20% last year.
Exxon Mobil has agreed to acquire American competitor Pioneer Natural Resources for a full stock transaction of $59.5 billion, making it the largest producer in the Permian Basin.
Analysts at energy consulting firm Tudor Pickering Holt&Co say that if ExxonMobil wants to increase production during the Permian period, it may have to increase on approximately 37 drilling platforms currently operated by the merged Exxon Pioneer. But analysts at East Daley Analytics point out that the recent integration trend is "slowing down drilling activity in the Permian Basin" so far.
US drilling companies have reduced the number of active oil and gas drilling rigs this year, but data shows that US crude oil production hit a record high of 13.2 million barrels per day last week.
The US Energy Information Administration (EIA) stated in a monthly report on Wednesday that US crude oil production will increase by 1.01 million barrels per day to 12.92 million barrels per day in 2023, and by 2024, it will increase by 200000 barrels per day to 13.12 million barrels. The report also states that the expected natural gas production in the United States in 2023 is 103.72 billion cubic feet per day, and in 2024, it is 105.13 billion cubic feet per day.
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