US rig count continues to rise as permitting dips
Friday, June 24, 2022
The U.S. oil and natural gas drilling rig count continues to rise at a steady pace; however, permitting activity recorded a double-digit monthly drop in May, according to Natural Gas Intelligence.
Permitting in the Lower 48 plunged 17% month-over-month in May with the Permian Basin leading the decline at 18% — 332 fewer permits than in April, according to data compiled by Evercore ISI. The Marcellus Shale saw 46% fewer permits during the same period, down 111 permits.
However, even with permitting dropping off slightly, the U.S. rig count climbed by seven units to 740, on a combination of gains in oil- and gas-directed drilling, as of June 17 according to the latest numbers from Baker Hughes Co.
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