US exploration and production activity is seen slowing down this winter despite oil price gains, according to an S&P Global Platts survey of US upstream activity in October. The number of active rigs fell about 1% month-on-month to 1,033 in October, and Platts analyst Trey Cowan anticipates a "continued seasonal flattening of rig activity as the holidays and the exhausting of yearly capital budgets tend to take a toll."
US oil, gas firms signal retreat in drilling activity this winter
Sign up for API SmartBrief
Oil and natural gas industry news
Get the intelligence you need: news and information that is changing your industry today, hand-curated by our professional editors from thousands of sources and delivered straight to your inbox.