Friday, August 8, 2025

U.S. Rig Count Up for Thirteenth Week

Permian Basin drilling continues to grow The U.S. rig count has increased for the thirteenth consecutive week, according to Baker Hughes’ weekly rig count. Active rigs in the U.S. increased by eight this week to a total of 847. Land rigs added ten, while inland waters and offshore rigs each lost one. Rigs continued to transition to oil, as eleven

OPEC

If Extended Past June, OPEC Cuts Would Normalize Inventories: KLR

Inventories 350 MMBO above historical average An extension of the OPEC production cuts should normalize global inventories this year, according to research by KLR Group. Announced on September 28, 2016, OPEC agreed to limit production to 32.5 MMBOEPD in the first half of 2017. According to KLR, OPEC production over this period will actually average 32 MMBOEPD, due to lower

Fracing

Exco Sells Eagle Ford Assets for $300 million

Transaction is Venado’s second Eagle Ford purchase this year Exco Resources (ticker: XCO) announced the sale of its South Texas assets on Monday, with an estimated closing cost of $300 million. Venado Oil & Gas will buy the property, adding to its other recent acquisition. Exco’s South Texas assets total 49,300 net acres, with 95% of these held by production.