U.S. Onshore Permitting Activity Up Sharply; Haynesville Gas Drilling Gaining Favor

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U.S. land permit filings rose 27% month/month in February and were 78% higher year/year at 3,211, the highest monthly permit total since November 2015 and the first February/February jump since 2014, according to data compiled by Evercore ISI.

Permitting in 2016 had declined 38% from 2015 had fallen 46% from 2009, when drilling activity was considered to be in a trough from the 2008 peak, said analyst James C. West.

Relatively strong permit numbers in Colorado, which saw permits rise 69% month/month (m/m) from January, as well as in Louisiana (42%) and Oklahoma (46%) “bolstered February U.S. land totals, offset by declines in California (minus 18% m/m), North Dakota (minus 36%), and Wyoming (minus 12%),” West said. “Texas permitting exhibited a whopping 37% sequential decrease, which served as a strong tailwind for improvement elsewhere”…

 

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