Oil & Gas - Energy - Commodities - Resources (OILBRENT)

[eFinanceMarkets]

$USO Texas oil and gas producers received 1,166 drilling permits in January, surging 21% Y/Y, with nearly half issued for the Midland area of west Texas, home to the prolific Permian Basin oilfield.

The Texas Railroad Commission also reports well completions soared 79% from a year ago to 963, as producers work through a growing backlog of drilled-but-uncompleted wells.

While the rate of well completions is rising, the number of DUCs in Texas also continues to climb, an indication that producers are still drilling wells faster than they can be completed, Reuters reports.

There were 478 rigs operating in Texas as of Feb. 9 vs. 361 a year ago, according to the latest Baker Hughes survey.