The number of Texas drilling permits issued in April dropped by about 50%, compared to a year earlier, to 456, the Texas Railroad Commission (RRC) said May 12.
Of the permits issued, 416 were to drill new oil and gas wells, mostly in the Midland district where companies plan to drill 263 oil and gas wells.
Well completions processed by the RRC also dropped in April. Commission staff processed 981 oil, 246 gas and 249 injection completions for new drills, re-entries and re-completions, compared to 593 oil, 143 gas, and 36 injection completions in April 2019.
So far this year, there have been 5,285 well completions processed for new drills, reentries and recompletions, compared to 3,244 during the same period last year, the RRC said.
Recent Information Technology changes are allowing the RRC to report more detailed monthly drilling permits and well completions data, the regulatory agency said, noting prior year reports may not correlate exactly to the same results on the new report.
More information is available on the RRC’s website.
Recommended Reading
Dividends Declared in the Week of Sept. 9
2024-09-13 - Here is a compilation of dividends declared by select upstream and service and supply companies for third-quarter 2024.
Viper Energy Offers 10MM Shares to Help Pay for Permian Basin Acquisition
2024-09-12 - Viper Energy Inc., a Diamondback Energy subsidiary, will use anticipated proceeds of up to $476 million to help fund a $1.1 billion Midland Basin deal.
Kosmos to Repay Debt with $500MM Senior Notes Offer
2024-09-11 - Kosmos Energy’s offering will be used to fund a portion of its 7.125% senior notes due 2026, 7.750% senior notes due 2027 and 7.500% senior notes due 2028.
ONEOK Offers $7B in Notes to Fund EnLink, Medallion Midstream Deals
2024-09-11 - ONEOK intends to use the proceeds to fund its previously announced acquisition of Global Infrastructure Partners’ interest in midstream companies EnLink and Medallion.
Gulfport Releases Results on Senior Notes Offer Due 2026
2024-09-10 - As of the close of business on Sept. 9, the offer’s expiration date, Gulfport received tenders for an aggregate principal amount of approximately $524 million of the notes.