Evercore ISI analysts say approved well permits bounced back vigorously in August, with 517 more permits month-over-month and 866 year-over-year. (Source: Shutterstock)
Evercore ISI analysts say approved well permits bounced back vigorously in August, with 517 more permits month-over-month and 866 year-over-year.
Increases were primarily driven by the Permian Basin, which reported 972 permits approved over the month, an increase of 300, or 45% compared to July.
The Marcellus (202 permits), the Eagle Ford (216) and the Bakken (121) were tops among other basins.
“Increases were partially offset by declines in small plays with 118 approvals,” down by 34, a 22% decline compared to July, Evercore’s James West wrote in a Sept. 18 report.
By state, Texas and New Mexico spurred the monthly increase, offsetting small losses in Illinois and Kansas. Permit approvals in Texas increased to 984 (up 324, or 49% compared to July) followed by 313 approved permits in New Mexico and West Virginia, with 76.
Permits in Illinois decreased by 1 (-38, -97% m/m) and in Kansas by 16 compared with July.
Evercore also reported a small increase in oilfield service employment and a decline in E&P jobs. According to the Energy Workforce & Technology Council, OFS employment increased by 2,989 from July, a 50 basis points increase for August. However, employment remains down 5.8% on an annual basis.
“E&P employment took a hit over August according to the Bureau of Labor Statistics, decreasing by 1.2% from July’s numbers but remaining 90 [basis points] up vs. August 2023 numbers,” West wrote.
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