The first quarter of 2025 saw a notable slowdown in oil and gas drilling activity compared to the same period in 2024. Based on licensing and rig activity records, Q1 2025 recorded 331 wells, a 21.6% decrease from 422 wells in Q1 2024.
While the overall activity declined, ConocoPhillips and EOG Resources remained the top drillers in both quarters. However, both companies reduced their activity:
- ConocoPhillips dropped from 71 wells in Q1 2024 to 61 in Q1 2025
- EOG Resources decreased from 59 wells to 32
A standout performer was Magnolia Oil & Gas, which ramped up significantly, increasing from just 6 wells in Q1 2024 to 19 wells in Q1 2025—earning a spot in the top 5 active operators for the first time.
In terms of rig presence, the number of unique contractor and rig combinations was also slightly down:
- 68 rigs were active in Q1 2024
- 65 rigs were logged in Q1 2025
This data suggests that while some operators are scaling back, others are seizing the opportunity to expand. As we move through 2025, the industry will be watching how these trends evolve in response to market dynamics and commodity prices.
