U.S. Drilling Permits Plummet in September, Foreshadowing Possible Decline in Rig Count

摘要

U.S. oil and gas drilling permits slid in September, down 21% sequentially and 27% from a year ago, which suggests that a decline in the domestic rig count is possible, according to Evercore ISI. The Evercore team led by James West compiles a monthly permit report using data from all major producing states and the Bureau of Ocean Energy Management. Permits have to be filed and approved before work on new wells or bypass/sidetrack existing wells is begun.