Oman says a spill from the Caroline Bezengi, carrying nearly 1 million barrels of Russian crude, has spread across approximately 390 km² near the Hallaniyat Islands. The incident highlights growing environmental, shipping, insurance and sanctions-related risks surrounding the international movement of Russian oil.
Pickton Gas Storage LLC is a Dallas-based natural gas storage and midstream company redeveloping the Pickton field in northeast Texas into a 35-Bcf high-deliverability storage facility with more than 700 MMcf/d of targeted deliverability. The company reached FID in July 2026 and plans new horizontal storage wells, compressor stations and a 45-mile pipeline connecting the facility to five major pipeline systems at the new Paris Hub, making it a significant near-term infrastructure development account.
The Strait of Hormuz disruption could strengthen U.S. shale economics by supporting higher oil and natural gas prices, improving operator cash flow, and increasing the strategic value of North American production. For OFS companies, the key is watching for that strength to translate into higher rig counts, well permits, completions, and pipeline and facility spending.
Oxy says its Permian strategy is increasingly about “doing more with less”: drilling efficiency is nearly 50% better in wells delivered per rig, allowing the company to plan for three fewer rigs while still bringing 15 more wells online. The 2026 permit file supports that efficiency story with 565 total records, heavily concentrated in Texas and New Mexico, including 197 records across core Delaware Basin counties and 88 across key Midland Basin counties.
Chord Energy says its long-term maintenance-plus strategy focuses on maximizing free cash flow by optimizing existing production through workovers, AI, chemical treatments, and operational efficiencies while maintaining disciplined capital spending. Supporting this strategy, the company has filed 109 new well permits in 2026, primarily across the core Bakken counties of Williams, McKenzie, Mountrail, and Dunn, providing a strong inventory for future development alongside continued production optimization.
Helmerich & Payne believes North American drilling has reached its low point, citing improving commodity prices, increasing rig demand, and growing adoption of its FlexRobotics technology as reasons for raising its outlook for the second half of 2026. The company’s drilling activity supports this optimism, with 1,875 wells drilled this year, led by strong development in the Permian Basin and major operators including Exxon (XTO), Devon Energy, EOG Resources, OXY USA, and Permian Resources.
Select Water Solutions signed a seven-year agreement backed by a 128-million-barrel minimum-volume commitment and the transfer of 14 saltwater disposal wells in Eddy and Lea counties, New Mexico. With those two counties accounting for 94.6% of New Mexico’s 1,882 well-permit records this year, the expansion positions Select to support growing produced-water recycling and disposal demand.
Energy Transfer expects Haynesville production to grow for years as LNG exports, power generation, data centers and industrial expansion increase natural gas demand, benefiting its extensive Louisiana pipeline network. Current-year data supports this outlook with 543 permit records, including 284 without an Activity Date that could represent a sizable inventory of future drilling opportunities.
Crescent Energy is expanding its drilling inventory through delineation work across the Eagle Ford, Permian and Uinta basins, with the Austin Chalk already becoming a major development target. Its 69 well permits in 2026—led by 44 in the Eagle Ford—support continued basin activity, although 26 permits have no recorded activity date and should not yet be considered drilled wells.
Diamondback Energy is accelerating Barnett development after expanding its acreage, reducing drilling costs toward $400 per foot, and increasing the play’s estimated value from several hundred million dollars to approximately $2 billion. Its 30 Barnett permits—including 21 without recorded activity dates—provide a visible pipeline for potential development growth in 2027.
