For over a decade, the U.S. shale revolution was defined by volatility—surging production followed by crashes, layoffs, and bankruptcies. But today, a quieter transformation is underway. U.S. shale is becoming less of a wildcat business and more like a disciplined, high-efficiency manufacturing system.
In its Q1 2025 earnings call, STEP Energy Services confirmed the formal termination of its U.S. fracturing division—marking a significant shift in the company’s operational focus. This decision follows several quarters of underperformance in the U.S. market, including a CAD 32 million net loss in Q4 2024 and an additional…
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
The United States Rig Report is a detailed list of drilling rigs active in the US last 30 days, one of the most prolific oil and gas-producing regions in the world.
In a bold move to streamline its portfolio and sharpen its focus, Strathcona announced the sale of its Montney assets for $2.84 billion. This transformational transaction accelerates Strathcona’s strategy to become a pure-play heavy oil producer, while unlocking value and maintaining financial flexibility.
Ring Energy’s facility acquisitions, revealed through TCEQ permit transfers, underscore its strategic expansion in Andrews County. As Chord Energy refocuses on the Williston Basin, Ring consolidates CBP assets to drive low-cost, margin-rich growth. These regulatory transfers aren’t just formalities — they’re indicators of who’s doubling down and who’s cashing out in the Permian Basin.
Despite reducing its full-year capital expenditure guidance by $200 million and cutting domestic operating costs by $150 million in Q1 2025, Oxy continues to maintain — and even expand — its drilling footprint in the Permian Basin.
Occidental (NYSE: OXY) and ADNOC’s investment company, XRG, are teaming up to evaluate a $500 million joint venture for a Direct Air Capture (DAC) facility in South Texas. The project aims to capture 500,000 tonnes of CO2 per year, advancing DAC as a scalable solution for emissions reduction.
Urban Oil & Gas Group, LLC, a Plano, Texas-based energy investment firm, has recently secured a renewed pipeline operation permit from the Railroad Commission of Texas. This permit, effective until July 31, 2025, authorizes the company to operate 65.54 miles of natural gas gathering pipelines across Jim Wells, Kleberg, and Nueces counties.
U.S. oil and gas executives aren’t just reacting to the market—they’re actively redefining it. In Q1 2025 earnings calls, top influencers like Darren Woods (ExxonMobil), Ryan Lance (ConocoPhillips), and Vicki Hollub (Oxy) revealed how operators are navigating volatility, driving efficiencies, and expanding into new, high-margin markets.
