New well permits in the Eagle Ford for Jan–June 2025 are down 6.6% compared to the same period in 2024, reflecting a moderate pullback in drilling activity. The decline suggests operators are exercising price discipline, focusing on efficiency, margin protection, and capital restraint rather than aggressive growth.
CNRL’s “drill-to-fill” strategy refers to its approach of drilling new wells primarily to maintain or maximize facility and infrastructure utilization, rather than for aggressive production growth. This strategy is designed to optimize existing assets such as pipelines, processing plants, and upgrader capacity.
Despite soft prices and global market uncertainty, the province set a new April production record at 4 million barrels per day—up 2% from last year. Oil sands drove the gains, accounting for 84% of total output, while natural gas volumes also edged higher. With added takeaway capacity from TMX and LNG exports on the horizon, production momentum looks set to continue—though wildfire risks and cautious capital spending remain key variables.
U.S. total rig count: ↓ 2 to 576 — the lowest since January
Oil rigs: ↓ 1 to 473 (lowest since Jan)
Gas rigs: ↓ 1 to 100
Misc rigs: unchanged at 3
Offshore rigs: stable at 11
On May 30, 2025, the U.S. Department of Energy (DOE) announced the cancellation of 24 clean energy projects, totaling over $3.7 billion in federal funding. These projects, primarily focused on carbon capture, hydrogen production, and industrial decarbonization, were deemed economically unviable and unlikely to provide a positive return on taxpayer investment.
Oil & Gas Canada Contact Directory is a sales & marketing tool that provides a source for contacts that work at Oil & Gas Operators and Midstream companies. The directory is designed to help help sales & marketing more productive. The directory are grouped into roles that you would find at an Oil & Gas Operator.
EOG Resources (NYSE: EOG) is making a bold move into the Utica Shale with its $5.6 billion acquisition of Encino Acquisition Partners (EAP), a joint venture between Encino Energy and Canada Pension Plan Investment Board. This transformational deal marks EOG’s strategic expansion into Appalachia, adding 675,000 net acres to its portfolio and positioning the company as one of the leading producers in the region.
Bedrock Production LLC has officially assumed operational control of the Winston E1 Site in Parker County, Texas, following a permit transfer from EnerVest Operating LLC. The Texas Commission on Environmental Quality (TCEQ) finalized this change of ownership on May 22, 2025, under Permit #137696, marking a significant step in Bedrock’s strategic expansion within the Barnett Shale region.
Chevron Corporation (NYSE: CVX) has announced it will lay off nearly 800 employees in Midland County, Texas, according to a notice filed with the Texas Workforce Commission. The layoffs, scheduled to take effect on July 15, 2025, are part of a broader plan to reduce the company’s global workforce by up to 20% by the end of 2026.
In a strategic move aligned with shifting commodity price dynamics, SM Energy is proactively reducing its rig count in the Permian Basin through 2025. The company started the year with 9 active rigs, scaled back to 7 rigs by the end of Q1, and plans to operate just 6 rigs for the remainder of the year. This reduction isn’t reactionary—it’s part of a deliberate capital allocation strategy designed to protect margins and preserve flexibility in a potentially volatile oil market.
