Production figures tell a more aggressive story than the drilling data. U.S. crude output reached 13.86 million barrels per day for the week ending July 3, marking a 50,000 bpd increase over the previous week. This output growth is supported by an increase in completion activity, with Primary Vision’s Frac Spread Count rising by 5 to 205 active crews.
US Shale Drillers Hold Steady Despite Production Gains
With total active drilling rigs in the United States climbing to 581, domestic producers are showing a cautious hand in a volatile market. While the Baker Hughes data indicates a slight uptick of 44 units compared to last year, the core oil and gas rig counts remain largely stagnant at 445 and 126 respectively.
Regional activity remains uneven as companies manage capital discipline. The Permian Basin saw a decline of 5 rigs, bringing its total to 256—a figure trailing year-ago levels by 9. Conversely, the Eagle Ford basin added 3 rigs to reach 47. Markets reacted with mild cooling on Friday, as Brent crude slipped to $75.72 per barrel and WTI dropped to $71.26, despite both benchmarks maintaining a higher price floor than they held one week ago.
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