The start of 2025 brought noticeable shifts in drilling and permit activity in the Midland Basin oil and gas sector. A look at Q1 2024 versus Q1 2025 reveals a 21.4% drop in overall activity, with counts falling from 821 records in 2024Q1 to 645 in 2025Q1. This decline suggests a more conservative approach among operators entering the new year—possibly driven by market volatility, shifting commodity prices, or capital discipline strategies.
Midland Basin Drilling Activity Compared
Top Operators in 2025Q1 Midland Basin
Despite the downturn, several key players remained active:
- XTO Energy Inc. – 119 records
- Diamondback Energy – 113 records
- OXY USA Inc. – 53 records
- Ovintiv USA – 34 records
- Blackbeard Operating, LLC – 28 records
Among these, Diamondback Energy experienced the steepest decline, dropping from 212 records in 2024Q1 to 113 in 2025Q1.
Operator & Contractor Diversity
- Unique Account Names: Slight increase from 52 in 2024Q1 to 53 in 2025Q1, indicating steady operator diversity despite the downturn.
- Contractor_and_Rig Count: Decreased from 141 in 2024Q1 to 136 in 2025Q1, reflecting a modest contraction in rig service diversity.
Takeaway
While activity levels dipped in Q1 2025, the presence of over 50 operators and more than 130 unique rig contractors underscores a resilient and diverse sector. Watching how these numbers evolve through Q2 will be critical in understanding whether this decline is a blip—or part of a broader trend.
