his week’s operator activity highlights companies that have filed their first well permit or drilled their first wells of the year, signaling new development plans across key U.S. oil and gas basins. The group includes both emerging independents and established producers, creating potential opportunities for oilfield service companies targeting active drilling and production programs.
Targa Resources is advancing several major Permian Basin pipeline projects, including the Blackcomb and Traverse natural gas pipelines and the Speedway NGL Pipeline, to support growing production and relieve takeaway constraints. The company expects these projects to improve market access, increase NGL transportation capacity, and create significant opportunities for midstream construction, operations, and oilfield service providers through 2027.
Saskatchewan led Western Canada’s post break-up drilling recovery, with active rig counts climbing from 10 to 44 rigs over the past month as operators returned to the field and resumed summer drilling programs. The rebound has been supported by stronger oil prices in recent weeks, improving economics for Saskatchewan’s heavy oil producers and helping drive the strongest rig count growth of any province in Canada.
Oil prices rose more than 3% after renewed military action between the U.S. and Iran, combined with escalating tensions involving Israel, increased concerns about potential disruptions to global energy supplies. Market attention remains focused on the Strait of Hormuz, where any interruption to oil and gas shipments could further tighten global energy markets and support higher crude prices.
Weatherford International has agreed to acquire NCS Multistage Holdings in a $151 million cash-and-stock transaction, expanding its well completions technology portfolio and strengthening its position in unconventional shale markets. The company expects the acquisition to generate at least $15 million in annual cost synergies within 18 months while enhancing its ability to optimize oil and gas well performance for customers.
A comparison of Occidental’s 2026 Permian drilling activity and recently transferred air permits suggests the company sold mature, non-core Midland Basin assets while retaining its highest-priority development areas in the core Permian. The transaction strengthens Hilcorp’s growing position as a major Permian operator focused on maximizing value from legacy producing assets that no longer fit the capital allocation strategies of larger public E&P companies.
Devon Energy has reportedly received an approximately $8 billion offer from Stone Ridge Asset Management for its Marcellus shale assets in Pennsylvania, which were acquired through the recent merger with Coterra. The proposal highlights strong investor demand for long-life natural gas assets as Devon evaluates opportunities to optimize its portfolio following the merger.
Chevron CEO Mike Wirth said Venezuela must lower taxes and royalties and provide greater fiscal clarity before the company will commit significant new capital to the country. While Chevron plans to increase production by 50% over the next two years using locally generated cash flow, broader investment will depend on reforms that improve returns for foreign investors.
The latest comparison between our March and May 2026 Account Reports shows a clear shift in market activity across the U.S. oil and gas sector. The data points to a more active drilling environment, with operators increasing rig activity, expanding permit inventories, and bringing new drilling programs into the market.
The closure of the Strait of Hormuz has exposed the vulnerability of global oil and gas supply chains. With Gulf exports disrupted, energy buyers across Asia and Europe are facing higher prices, tighter supplies, and renewed pressure to diversify away from one of the world’s most critical chokepoints.
