XOP - Permian drilling permits hit monthly record signaling more production ahead

Drilling permits for new wells in the Permian Basin surged to record levels in March, according to an analysis published Wednesday from Rystad Energy, signaling crude oil suppliers in the U.S. finally may be responding to higher prices. A total of 904 horizontal drilling permits were awarded last month in the Permian, Rystad reported, and data since March 7 shows "an unprecedented period of high activity that pushed the four-week average to 210 for the week ending April 3, a record for horizontal permit approvals in the core U.S. shale patch over four weeks." Private operators, who normally comprise a third of production, have accounted for more than half of the permits, as publicly traded companies remain limited by their pledges to shareholders to pay down debt and raise dividends. Top Permian producers include (CVX), (OXY), (PXD), (FANG), (EOG), (XOM), (DVN), (MRO) ETFs: (NYSEARCA:XLE), (XOP), (VDE), (OIH), (USO) "The surge

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Permian drilling permits hit monthly record, signaling more production ahead