Ranger Energy Services reported strong Q2 2026 Coiled Tubing performance in the Rockies, supported by gradually improving drilling and hydraulic-fracturing activity. The outlook is reinforced by 1,772 regional well permits, with 89% concentrated in the Powder River, Denver-Julesburg and Uinta basins.
Ovintiv raised its expected Permian oil and condensate production rate to 125,000 barrels per day after strong new-well and base-production performance, without increasing capital spending or drilling activity. Its 78 Midland Basin permits—including 44 without an Activity Date—provide a substantial drilling inventory concentrated in Martin, Upton, Andrews, Midland and Howard counties.
BPX Energy’s 87 permits issued in 2026 demonstrate that U.S. shale remains a core BP growth platform, led by 39 Eagle Ford permits and 20 permits each in the Delaware Basin and Haynesville Shale. With 63 permits yet to report an Activity Date, BPX maintains a substantial drilling inventory that could support future development and oilfield service demand.
ExxonMobil’s Permian production surpassed a record 1.8 million barrels of oil equivalent per day, supported by longer laterals and technologies designed to increase recovery while reducing well and capital requirements. XTO’s 2026 data includes 559 Permian permits—409 in the Midland Basin and 150 in the Delaware Basin—demonstrating a substantial inventory for continued development.
President Trump called on Chevron and other oil companies to lower retail fuel prices while criticizing Chevron CEO Mike Wirth for not recognizing the administration’s support for the industry. Chevron is also discussing a potential northern Iraqi pipeline route that could move oil to the Mediterranean while bypassing the Strait of Hormuz.
Chevron is prioritizing capital efficiency and free cash flow across its U.S. shale portfolio, maintaining Permian production above 1 million BOE/d while targeting 25% lower capital spending per barrel in 2026. Its 263 U.S. permits—including 92 in the Permian and 37 in the Bakken—provide a substantial drilling inventory, with 246 permits not yet showing an Activity Date.
ExxonMobil and Chevron expect gasoline, diesel and other refined-product prices to remain elevated as geopolitical disruptions remove nearly 10% of global refining capacity. With U.S. refineries already operating near maximum utilization and inventories approaching historical lows, fuel prices may stay high even if the Iran conflict eases.
Helmerich & Payne believes the North American drilling market has reached its low point, citing shrinking DUC inventories, tightening super-spec rig availability, and growing operator demand as catalysts for increased drilling activity through 2026 and into 2027. H&P’s current-year U.S. activity reflects that strength, with 1,875 wells drilled, including 1,214 in the Permian Basin, led by major customers such as Exxon (XTO), Devon Energy, EOG Resources, OXY USA, and Permian Resources.
Precision Drilling expects U.S. drilling activity to continue growing through 2026, led by the Permian Basin, with active rig counts reaching their highest levels since 2023. Although rig reactivation costs are temporarily reducing margins, the company expects stronger pricing, higher utilization, and technology-driven market share gains to drive improved profitability into 2027.
BP plans to eliminate approximately 700 corporate positions as part of CEO Meg O’Neil’s effort to simplify the company’s organizational structure and improve competitiveness in a potentially lower oil price environment. The reductions are expected to focus on non-frontline roles, with field operations and maintenance teams largely unaffected.
