US May Oil Production Hits New High, Again
By Ovi
All of the Crude plus Condensate (C + C) production data, oil, for the US state charts comes from the EIAʼs Petroleum Supply monthly PSM which provides updated production information up to May 2025.
U.S. May oil production increased by 24 kb/d to 13,488 kb/d, a new high. The largest increase came from the GOM offset by a large drop in North Dakota. June production is expected to decrease by 120 kb/d to 13,368 kb/d.Could May be the beginning of a six month production plateau before decline sets in?
The headline for the earlier March report was “US March Production at New High.” March production was also 13,488 kb/d. March has now been revised down by 35 kb/d to 13,453 kb/d.
The dark blue graph, taken from the June 2025 STEO, is the U.S. oil production forecast from June 2025 to December 2026. Output for December 2026 is expected to drop to 13,252 kb/d, revised down by 101 kb/d from last month. From May 2025 to December 2026 U.S. oil production is expected to drop by 236 kb/d.
The light blue graph is the STEO’s projection for output to December 2026 for the Onshore L48. May’s Onshore L48 production dropped by 26 kb/d to 11,205 kb/d. From May 2025 to December 2026 production is expected to decrease by 233 kb/d to 10,972 kb/d. December 2026 production was revised down by 101 kb/d from last month.
U.S. Oil Production Ranked by State
Listed above are the 12 US states with the largest oil production along with the Gulf of Mexico. Montana was added to this table a few months back since its production exceeded Louisiana’s production and we wish to keep tracking Louisiana.
These 12 states accounted for 84.6% of all U.S. oil production out of a total production of 13,488 kb/d in May 2025. On a MoM basis, May oil production in these 12 states declined by 36 kb/d. On a YoY basis, US production increased by 227 kb/d with the biggest contributors being New Mexico and Texas.
State Oil Production Charts
May’s production increased by 1 kb/d to 5,752 kb/d. However April was revised lower from the previous report from 5,767 kb/d to 5,751 kb/d, a downward revision of 16 kb/d.
Texas production dropped from October to January. The drop could be related to the drop in completions that started in October while the January drop was a combination of cold weather and low completions. However production in February, March and April has rebounded. May’s production is essentially flat and still 80 kb/d lower than October 2024.
There is no projection for Texas this month because the April production data reported by the TX RRC was incorrect.
According to the EIA, New Mexico’s May production rose by 3 kb/d to 2,199 kb/d.
The blue graph is a production projection for Lea plus Eddy counties. These two counties account for close to 98.5% of New Mexico’s oil production. The difference between the April and May preliminary production data provided by the New Mexico Oil Conservation Division (ODD) was used to make the projection. A 1.5% correction was added to the Lea plus Eddy production projection to account for their approximate fraction of New Mexico’s oil production.
The projection estimates May production was 2,133 kb/d an increase 8 kb/d over April. The increase is related to the small April production increase in Eddy and the small drop in Lea county and is discussed further down in the Permian section.
It is difficult to explain the 66 kb/d difference between the EIA data and the NM OCD. The May OCD update for Lea and Eddy had either 0 kb/d or 1 kb/d change for January, February and March. This implies their data is fully up to date for those two counties.
Checking the EIA comp-stat-oil file Here provides a clue. In January 2024, the ratio between the 914 Estimate and the 914 Survey Reported was 1.0531. By December 2024 it had risen to 1.0812. The EIA has now started to slowly drop the ratio and for April it is 1.075. By my estimate the ratio should be closer to 1.04. If the NM EIA estimate is really overstated by 66 kb/d, US May production may really be closer to 13,422 kb/d.
More oil production information for a few Texas and New Mexico counties is reviewed in the special Permian section further down.
April’s output dropped by 45 kb/d to 1,111 kb/d. Production is down 176 kb/d from the post pandemic peak of 1,287 kb/d. The North Dakota Department of Mineral resources reported May production dropped by 62 kb/d to 1,113 kb/d, which is much closer to the EIA estimate than in previous months.
According to this Article there are three reasons for such a large production drop in May.
“April completions were low, so May production was affected by those completion numbers,” Anderson said. “Number two, there was a lower oil price environment in April and May, and certain operators decided to curtail some production in certain areas of the state. You also note there was a slight rig count decrease.”
But Anderson said there is some better news.
“It’s my understanding that the operators who curtailed production are actually starting to turn those wells back on line, in this slightly better price environment,” Anderson said.
Alaskaʼs May output rose by 1 kb/d to 434 kb/d while YoY production increased by 17 kb/d. The steady production close to 435 kb/d over the last five months is an indication that production up to June will be on a plateau and then drop due to summer maintenance. The weekly EIA report indicates that July production will drop close to the 325 kb/d level.
Alaska has recently brought new fields online to consistently have flat YoY and monthly production gains which have broken away from the earlier dropping production red trend lines.
Coloradoʼs May oil production rose by 16 kb/d to 465 kb/d.
Colorado began 2025 with 7 rigs in January and February and then dropped to 5 in March/April/May. In late July the rig count increased to 8.
It should be noted that Colorado drillers are facing increasingly stricter environmental rules according to this Article which could be reducing drilling locations.
Oklahoma’s output in May was unchanged at 406 kb/d. Production remains below the post pandemic July 2020 high of 491 kb/d and is down by 46 kb/d since May 2023. Output entered a slow declining phase in June 2023 and now appears to be range bound around 400 kb/d.
In May Oklahoma had 51 operational rigs. However by late June the number had dropped to 43 and dropped further to 40 in the first week of August.
California’s overall declining production trend continues. May’s production dropped by 8 kb/d to 262 kb/d, a new low. YoY production dropped by 27 kb/d.
Wyoming’s oil production reached a post pandemic high in February 2024 and appears to have entered a plateau phase around 295 kb/d. May’s production dropped by 8 kb/d to 291 kb/d.
At the beginning of 2025 Wyoming had 14 operational rigs and they rose to 16 in May and June. The rig count In July dropped to 10 and in the first week of August dropped further to 8.
May’s production increased by 2 kb/d to 194 kb/d to a new high. Utah had 8 rigs operating from October 2024 through May 2025 but dropped to 7 in June and July.
Ohio has been added to the Louisiana chart because Ohio’s production has been slowly increasing since October 2021 and passed Louisiana in November 2023.
Louisiana’s output entered a slow decline phase in October 2022 and continues to fall. May’s production dropped 3 kb/d to 73 kb/d.
As of all of 2025, there are no oil rigs operating in Louisiana. However there are NG rigs. At the beginning of the year, 18 horizontal NG rigs were operational. By the end of July the rig counted had increased to 23.
Ohio’s May oil production increased by 3 kb/d to 142 kb/d, a new record high. The most recent Baker Hughes rig report shows no oil rigs operating in Ohio. They have all been re-classified to NG rigs. There were 6 operating in January and rose to 10 in July.
May’s oil production rose by 2 kb/d to 76 kb/d. Montana had 1 oil rig operating from December 2024 through May 2025. Two rigs were operating at the end of July.
GOM production rose by 49 kb/d in May to 1,849 kb/d. June’s production is projected to drop to 1,826 kb/d.
The July 2025 STEO projection for the GOM output has been added to this chart. It projects production in December 2026 will be 34 kb/d lower than May 2025 at 1,815 kb/d.
A Different Perspective on US Oil Production
Combined oil output for the Big Two states Texas and New Mexico.
May’s production in the Big Two states increased by a combined 4 kb/d to 7,951 kb/d, a new high, and is 7 kb/d higher than October 2024. Clearly these two states were the drivers of US oil production growth up to October 2024. The rising trend has definitely slowed since October.
Oil Production by The Rest
May’s oil production by The Rest dropped by 30 kb/d to 3,254 kb/d and is 191 kb/d lower than November 2023.
Permian Basin Report for Main Counties and Districts
This special monthly Permian section was added to the US report because of a range of views on whether Permian production will continue to grow or will peak over the next year or two. The issue was brought into focus many months back by two Goehring and Rozencwajg Reports and Report2 which indicated that a few of the biggest Permian oil producing counties were close to peaking or past peak.
A more recent report was issued and can be reviewed Here. In this report they state:
“For years now, we have outlined with what we hoped was clarity, and what we now submit was prescience, the view that U.S. shale oil, that great source of modern supply, could not grow forever. It would mature, crest, and begin its long descent. That moment, by our models and measures, has arrived: shale has plateaued, and 2024 appears to be its high-water mark. And yet, investor sentiment has scarcely been more downbeat.”
This section will focus on the four largest oil producing counties in the Permian, Lea, Eddy, Midland and Martin. It will track the oil and natural gas production and the associated Gas Oil Ratio (GOR) on a monthly basis. The data is taken from the state’s government agencies for Texas and New Mexico. Typically the data for the latest two or three months is not complete and is revised upward as companies submit their updated information. Note the natural gas production shown in the charts that is used to calculate the GOR is the gas coming from both the gas and oil wells.
Of particular interest will be the charts which plot oil production vs GOR for a county to see if a particular characteristic develops that indicates the field is close to entering or in the bubble point phase. While the GOR metric is best suited for characterizing individual wells, counties with closely spaced horizontal wells may display a behaviour similar to individual wells due to pressure cross talking . For further information on the bubble point and GOR, there are a few good thoughts on the intricacies of the GOR in an earlier POB comment and here. Also check this EIA topic on GOR.
New Mexico Permian
The total rig count in Lea and Eddy counties in the week ending August 1 was 82 down 12 from the January 2025 count of 94. The total rig count began to drop May and accelerated in June and may have stabilized at close to 80 rigs in July and August.
Eddy county rigs stabilized close to 45 in May but then began a slow drop and hit the current and recent low of 36 at the beginning of August. Lea dropped from 50 at the beginning of March to 36 in June and added 10 to 46 at the beginning of August. What is driving the increased drilling activity in Lea County?
Lea County’s oil production entered a plateau phase in May 2024 at 1,203 kb/d and the plateau continues into May 2025. May’s projected output dropped 1 kb/d to 1,189 kb/d. Preliminary May data from New Mexico’s Oil Conservation Division (OCD indicates Lea County’s oil production was 1,190 kb/d. There is virtually no gap between the May preliminary data and the projected data which indicates that the OCD data is essentially fully reported.
Production has been essentially flat to slightly down since May 2024 as the rig count fell. May’s minuscule projected production fall is still a continuation of the slow declining plateau phase that started in May 2024 and is another indication that Lea County production has peaked or is very close to peaking. Lea’s almost steady production from May 2024 to May 2025 at around 1,185 kb/d in the face of dropping 15 rigs over one year is truly remarkable.
The rising rig count starting in January 2025 may be contributing to the slowing decline in this plateau phase. However, the writing on the wall is saying that Lea County is very close to peak production.
The blue graph shows the average number of weekly rigs operating during a given month as taken from the weekly rig chart. The rig graph has been shifted forward by 8 months. So the 64 Rigs/wk operating in August 2023 have been time shifted forward to April 2024 to show the possible correlation and time delay between rig count, completion and oil production.
Note that rig counts are being used to project production as opposed to completions because very few extra DUCs are being completed at this time.
After much zigging and zagging, oil production in Lea county stabilized just below 1,100 kb/d in early 2023. Once production reached a new high in January 2023, production appeared to be on a plateau while the GOR started to increase rapidly to the right and entered the bubble point phase in July 2023.
Since July 2023 Lea County’s production continued to increase as the GOR remained within a second semi-bounded region. This may indicate that additional production was coming from a new field/area since the GOR’s behaviour since August 2023 to March 2024 time frame appears once again to be in a semi bounded GOR phase accompanied with rising production.
The GOR moved out of the second semi-bounded GOR region in April 2024 and production hit a new high of 1,203 kb/d in May 2024. Since July 2024 the GOR was range bound between 3.35 and 3.45 but April saw the GOR increase to a new high of 3.56 while the production dropped slightly. June’s GOR dropped slightly to 3.54.
This zigging and zagging GOR pattern within a semi-bounded GOR while oil production increases to some stable level and then moves out to a higher GOR to the right has shown up in a number of counties. See a few additional cases below.
May’s projected oil production increased by 8 kb/d to 912 kb/d. Also preliminary production from the NM OCD increased by 5 kb/d to 906 kb/d. Eddy county’s month over month production updates are very few and small and primarily occur in the last two months which indicates their preliminary production is very close to final. This is indicated by the red graph covering the green graph, i.e, there is little separation between the two graphs except for the last two months.
Eddy County’s recent oil production rise and fall is related to the rise and fall in the rig count. From May 2024 to November 2024, production rose from 757 kb/d to 906 kb/d, an increase of 149 kb/d, while essentially paralleling the increasing rig count. Over that same time shifted rig period, 14 to 15 rigs were added to Eddy County as production rose. Was a new Tier 1 region/area discovered to attract such a large increase in the rig count?
The blue graph shows the average number of weekly rigs operating during a given month as taken from the above weekly drilling chart. The rig graph has been shifted forward by 7 months to roughly coincide with the increase in the production graph starting in November 2023.
Clearly the production rise up to November 2024 is closely associated with the rise in the rig count and associated well completions delayed by roughly seven months. The rising production starting in February 2025 does not correlate with the dropping rig count. However that rising trend reversed for April as the projected production fell by 44 kb/d to 903. May saw a small rise to 912 kb/d.
The Eddy county GOR pattern is similar to Lea county except that Eddy broke out from the semi bounded range earlier and for a longer time and then added a second semi bounded GOR phase. For May New Mexico’s Oil Conservation Division (OCD) reported oil production increased by 5 kb/d to 906 kb/d and remained within the second semi-bounded region.
Texas Permian
The Midland county rig count dropped to 18 rigs at the end of July and then added 6 to 24 in the first week of August.
Martin county rig count has been slowly dropping since March 7 high of 29 rigs. July saw continuing drops and August rigs dropped to a new recent low of 19.
Oil Production in Texas Counties
May’s projected production rose by 3 kb/d to 710 kb/d. However the large production revisions to April’s production has changed the previous months’s plateau to rising production. I think the January to May projection is too optimistic due to the significant revisions to Midland’s April production.
The orange and green graphs show the oil production for Midland County as reported by the Texas RRC for April and May. The red graph uses the April and May data to project production as it would look after being updated over many months.
The blue graph shows the average number of weekly rigs operating during a given month as taken from the weekly drilling chart. The rig graph has been shifted forward by twelve months to better align with production. So the average 34.5 Rigs/wk operating in July 2023 have been moved forward to July 2024 to show the possible correlation and time delay between rig count, completions and oil production. This shift is much larger than the typical six to eight months used in other counties. Not clear why there should be such a difference.
If the twelve month shift in the rig count is approximately correct in that oil production can be tied to the rig count, oil production in Midland county should be falling after January 2025.
For May the GOR ratio increased to a new high of 4.55 from April’s 4.26 while reported preliminary oil production dropped 46 kb/d to 563 kb/d.
With Midland county into the bubble point phase, oil production and the GOR stayed within a narrow range outside of the initial Semi-Bounded GOR region from March 2024 to February 2025. However the April and May 2025 GORs have broken out to new highs.
The oil production and GOR shown in this chart are based on the RRC’s May production report. Note that while the last few months are subject to revisions, the January 2024 to December 2024 production data has been steady for a number of months.
Martin county’s projected May oil production dropped by 7 kb/d to 721 kb/d. While many of the Texas county MoM production updates appear to be large due to April being too low, the May projection for Martin looks reasonable but possibly a bit optimistic. Note that last month’s April production projection has been reduced from 763 kb/d to 728 kb/d as more production data has been updated.
With the Martin County rig count falling, one must question how can production continue to increase? Is it the sumul-fracs or is it the reduced time to drill a well or is it the less time to drill child wells or is it AI? Certainly would like to hear some oil/drilling experts opine on this difficult to explain trend. This Article provides some insight.
I think the production increase since January is real but the production is heading for a plateau in the 720 kb/d and possibly lower range because of the ever increasing GOR shown in the next chart.
The orange and green graphs show the production for Martin County as reported by the Texas RRC for April and May. The blue chart shifts the rig count ahead by 6 months.
The red graph is a projection for oil production as it would look after being updated over many months. This projection is based on a methodology that uses preliminary April and May production data. The green graph shows the updated oil production reported by the Texas RRC for May and May itself is 7 kb/d lower than April’s. Note how production has dropped from September 2024 to January 2025, green graph. The increasing production from January to April followed by the May drop could be the beginning of a short term plateau before production begins to fall again.
Martin county’s oil production after November 2022 increased and at the same time drifted to slightly higher GORs within the semi bounded range. However the June 2024 GOR saw its first move out of the semi bounded region. The preliminary RRC’s May 2025 production for Martin County shows a decrease in production of 28 kb/d accompanied by an increase in the GOR to 2.98, a new high.
Martin county has the lowest semi-bounded GOR boundary of the four counties at a GOR of close to 2.60. The GOR is now clearly out of the semi-bounded region. Martin County has now entered the bubble point phase that should result in oil production possibly entering a slowly dropping plateau phase.
This chart shows the total oil production from the four largest Permian counties. Assuming that current Permian production is close to 6,400 kb/d, these four counties account for 55% of the total. The large May revisions to April’s production data for Martin and Midland has resulted in three months of essentially flat production. May’s projected production increased by 4 kb/d to 3,532 kb/d which is 12 kb/d lower than reported last month. February and March have also been revised down.
The April and May initial production data is shown in the orange and green graphs respectively. The red graph uses the April and May data to project an estimate for the final May production.
Findings
– The preliminary May production data for New Mexico was good, as usual. However the May revisions for Texas production as a whole were too large because some April production data was entered incorrectly into the Tx RRC database. Updated production data for some of the Texas counties was also a bit large resulting in slightly optimistic projections.
– The four largest Permian county production charts appear to be in different phases of their production life. Of the four, two Permian counties are in their plateau phase. The two Texas counties may be in their plateau phase even though the projections do not show that, due to larger than expected revisions to previous months. Taking into consideration the price of WTI is stuck close to $65/b, the rig and frac spread counts continue to make new recent lows, when taken all together, these considerations all point to peak production occurring in the onshore lower 48 within the next three to four months.
– Lea county entered a plateau phase in May 2024. While oil production is not following the rig count graph directly, the dropping rig count is resulting in Lea production currently being in a slowly declining plateau phase.
– Eddy county’s production hit a new high in March but had a big drop in April while May saw a small increase, possibly signalling the beginning of its plateau phase.
– Midland county’s production has been increasing since May 2024 even though the rig count has been dropping. While the current projection is showing Midland rising after December, it is due to large production revisions to previous months. The dropping preliminary May production starting in November through May is a signal that Midland production may not be rising. The June update may clarify the production status of Midland county. The addition of six new rigs to Midland county in the first week of August is an unexpected surprise and makes one wonder what it implies going forward.
– Martin county’s projected production has been affected by revisions to previous months. However the increasing production up to February, I believe is real. The last few projected months may be a bit optimistic.
Texas District 8
Due to a large error in the Reeves’ County April 2025 production report for the year 2024, the District 8 report was also affected. To create the above chart only the revised 2025 production year data was used. In other words the production projection is the same as the March report up to December 2024. Only the updated 2025 months January to May have been projected. This latest chart just indicates that production could have increased in May but it could be a bit optimistic. Again hopefully the June data will clarify what is really happening in District 8.
While revisions in the production chart affect the projection, it does not affect the GOR. Again only the revised 2025 data was used for this chart.
Plotting an oil production vs GOR graph for a district may be a bit of a stretch. Regardless here it is and it seems to indicate many District 8 counties may well be into the bubble point phase. The GOR continued to increase in May to a new high of 4.56. This is another indicator that implies District 8 may be on a production plateau rather than the rising production shown in the previous chart.
Oil Production and GOR Charts for a number of Larger Texas Oil Producing Counties
Below are charts for the next seven top oil producing counties in Texas. While the Texas May data is better than the April data, the projections are affected since they depend on the production difference between the two months. As a result, questions can be raised for a few of the projections.
Reeves’ County April oil production was uploaded into the Texas RRC database with a large error and could not be used to make a reasonable projection for April. As a result the May production projection is based on March and May production.
May’s projected oil production for Reeves county rose 45 kb/d to 612 kb/d but more than likely is overly optimistic due to significant updates to the previous month’s production and explains the question marks after the 612. The production projection is reasonably close up to February 2025. Hopefully the June data will provide better information for Reeves County.
Reeves county peaked in May 2024 at 528 kb/d and production dropped up to January 2025. The GOR chart indicates Reeves County initially entered the bubble point phase in December 2024 and then reversed back into the Semi-Bounded region. May’s GOR is 7.18 and at a record high.
Reeves county GOR is high because it is the number 1 Texas county ranked by gas production. The current C + C production is equally split between crude and condensate.
Loving’s projected production rose 1 kb/d to 468 kb/d in May and was lower than the April report projection of 484 kb/d. Loving production peaked at 502 kb/d in November 2024.
For May, the GOR increased to 4.31, a new high.
While Loving had 19 operational rigs in June, they jumped by 2 to 21 in real time July.
Howard county production peaked in July 2023 at 423 kb/d. The production projection fell to a new low of 260 kb/d in April 2025, which is lower than predicted in the previous report. While May production rose 9 kb/d to 269 kb/d, the general production trend appears to be following the dropping rig count.
Note the rapid movement of the GOR to higher ratios once it broke out of the Semi-Bounded GOR range.
The rig chart has been shifted forward by five months.
Reagan county oil wells have a very high GOR and passed peak production in September 2024.
May’s projected production decreased by 2 kb/d to 196 kb/d, lower than in the previous report, while the GOR rose to a new recent high of 7.40.
Glasscock’s production has been falling since April 2024 and does not show any sign of slowing while the GOR moved out of a very wide Semi-Bounded region. Note the rapid increase in the GOR starting from 3.90 in April 2024.
May’s projected production increased 1 kb/d to 138 kb/d while the GOR made a new high of 6.53.
Ward’s projected oil production has been in a slow decline since December 2023 while the GOR has been slowly increasing within the semi-bounded region. May’s production projection of 191 kb/d is due to the underreporting of April production of 109 kb/d, see orange graph in production chart. A more realistic production projection for May would be closer to 160 kb/d.
Karnes county is in the Eagle Ford basin and is the seventh largest oil producing county in Texas. It has been in decline since peaking at 358 kb/d in June 2022. After peaking production began to drop and the GOR started increasing from 2.53 to 3.33 in May 2025.
May’s projected production dropped by 21 kb/d to 235 kb/d.
Karnes county started the year with 8 operational rigs and had 3 operating in July.
Drilling Productivity Report
The Drilling Productivity Report (DPR) uses recent data on the total number of drilling rigs in operation along with estimates of drilling productivity and estimated changes in production from existing oil wells to provide estimated changes in oil production for the principal tight oil regions. The new DPR report in the STEO provides production up to June 2025. The report also projects output to December 2026 for a number of basins. The DUC charts and Drilled Wells charts are also updated to June 2025.
The oil production for the 5 DPR regions tracked by the EIA’s STEO is shown above up to June 2025. Also the July 2025 STEO projects production out to December 2026, red markers. Note DPR production includes both LTO oil and oil from conventional wells.
June’s oil output in the five DPR regions increased by 94 kb/d to 9,118 kb/d. Production is expected to rise by 9 kb/d in July to 9,127 kb/d. Production rises slightly out to November and then begins to decline.
Production in December 2026 is forecast to be 8,939 kb/d a downward revision of 92 kb/d from last month and 248 kb/d from the February report. A significant downward revision.
The EIA’s July STEO/DPR report shows Permian June output rose by 3 kb/d to 6,553 kb/d. From June 2025 to December 2026 output is expected to drop by 73 kb/d to 6,480 kb/d. Note that December 2026 production has been revised down by 102 kb/d from 6,582 kb/d to 6,480 kb/d.
Production from new wells and legacy decline, right scale, have been added to this chart to show the difference between new production and legacy decline.
June output in the Eagle Ford basin increased by 72 kb/d to 1,168 kb/d. July 2025 production is forecast to drop by 3 kb/d to 1,165 kb/d.
Output in December 2026 expected to be 1,140 kb/d, a decrease of 23 kb/d from the June 2025 STEO report.
The DPR/STEO reported that Bakken output in June rose by 18 kb/d to 1,170 kb/d. The STEO/DPR projection, red markers, shows output to be essentially in decline after October 2025, dropping to 1,156 kb/d in December 2026.
This chart plots the combined production from the three main LTO regions. For June output increased by 94 kb/d to 8,891 kb/d. Production for December 2026 is forecast to be 8,775 kb/d, a downward revision of 111 kb/d from the previous report.
DUCs and Drilled Wells
The number of DUCs available for completion in the Permian and the three major DPR regions has turned from a dropping trend to a rising one. June’s DUC count for the three basins dropped by 7 to 1,546. In the Permian the DUC count was unchanged at 987.
In the three primary regions, a total of 614 wells were completed in June, down 13 from May. There were 606 wells drilled in June, down 19 from May. For comparison, In January 2023, 688 wells were drilled.
In the Permian, the monthly completion and drilling rates have begun to drop.
In June 2025, 445 wells were completed and 445 new wells were drilled. This is the fifth month in a row in which the number wells drilled and completed has dropped.