US March Oil Production at New High

By Ovi

All of the Crude plus Condensate (C + C) production data, oil, for the US state charts comes from the EIAʼs Petroleum Supply monthly PSM which provides updated production information up to March 2025.

U.S. March oil production increased by 248 kb/d to 13,488 kb/d, a new high. The largest increases came from Texas and New Mexico.

Production in April is expected to decrease by 158 kb/d. For January and February the STEO forecast was really off the mark, too high by a significant amount. February was too high by 379 kb/d. However March was much better, high by just 59 kb/d.

The dark blue graph, taken from the May 2025 STEO, is the U.S. oil production forecast from April 2025 to December 2026. Output for December 2026 is expected to reach 13,439 kb/d, revised down by 64 kb/d from last month. From April 2025 to December 2026 U.S. production is expected to rise by 109 kb/d kb/d.

The light blue graph is the STEO’s projection for output to December 2026 for the Onshore L48. March’s Onshore L48 production rose by 257 kb/d to 11,295 kb/d. From April 2025 to December 2026 production is expected to increase by 127 kb/d to 11,194 kb/d. December 2026 production was revised down by 24 kb/d from last month. Note how production starts declining in late 2025 to December 2026.

Here is another long Article on US oil production peaking.

• “Oil production in the U.S. is expected to peak by 2027 and then taper
• U.S. domestic oil output growth has weakened OPEC’s influence“

U.S. Oil Production Ranked by State

Listed above are the 12 US states with the largest oil production along with the Gulf of Mexico. Montana was added to this table a few months back since its production exceeded Louisiana’s production and we wish to keep tracking Louisiana.

These 12 states accounted for 85.0% of all U.S. oil production out of a total production of 13,488 kb/d in March 2025. On a MoM basis, March oil production in these 12 states rose by 215 kb/d. On a YoY basis, US production increased by 317 kb/d with the biggest contributors being New Mexico and Texas.

State Oil Production Charts

March’s production increased by 50 kb/d to 5,711 kb/d.

Texas production has been dropping from October to January. The drop could be related to the drop in completions that started in October while the January drop could be a combination of cold weather and low completions. However production in February and March has rebounded but still is 121 kb/d lower than October 2024.

The red graph is a production projection using February and March Texas RRC data. Due to more production revisions than typical to earlier months in the March report, the projection for October 2024 is too optimistic by roughly 158 kb/d compared to the EIA report. However, note that both the projection and the EIA show production rolling over in October and dropping in January and increasing in February. However there is a big divergence for March. At this time I think that the March Texas RRC update was incomplete.

In the February report, the month over month production drop between January and February was 319 kb/d. However for the March report, the drop was 508 kb/d, see March RRC graph. If the March drop were closer to 308 kb/d, the March projection would show an increase and would be 78 kb/d higher than the EIA report, which makes me think the Texas March update was incomplete.

The blue graph shows the average number of weekly rigs reported for each month, shifted forward by 10 months. So the 276 rigs operating in July 2023 have been shifted forward to May 2024. From February 2024 to July 2024, the rig count dropped from 312 in time shifted February 2024 to 256 in July 2024. That drop of 56 rigs has had no impact on production up to August 2024 but November may be the first month when the impact of the rig drop on oil production starts to show up along with fewer completions.

According to the EIA, New Mexico’s March production rose by 100 kb/d to 2,257 kb/d.

The blue graph is a production projection for Lea plus Eddy counties. These two counties account for close to 99% of New Mexico’s oil production. The difference between the February and March preliminary production data provided by the New Mexico Oil Conservation Division was used to make the projection. A 1% correction was added to the Lea plus Eddy production projection to account for their approximate fraction of New Mexico’s oil production. The methodology used for projecting New Mexico production is identical to that used for Texas.

The projection estimates March production was 2,189 kb/d an increase 89 kb/d over February, similar to the EIA’s report. The increase is related to March production increases in both Eddy and Lea counties and is discussed further down in the Permian section.

More oil production information for a few Texas and New Mexico counties is reviewed in the special Permian section further down.

March’s output rose by 30 kb/d to 1,162 kb/d. Production is down by 125 kb/d from the post pandemic peak of 1,287 kb/d. The North Dakota Department of Mineral resources reported March production rose by 28 kb/d to 1,193 kb/d, which is 31 kb/d higher than the EIA’s.

According to this Article March’s production increase was a rebound from a cold February.

“February had the extreme cold temperatures so a rebound was expected during the month of March,” Anderson said.

Currently 31 rigs are actively working in the state, a drop of one rig from February, March and April. He said there’s 33 rigs in the Williston Basin, with a couple of them working in Montana.

He said the rig count and frac crew numbers are expected to soften slightly due to the soft prices, which leads to some volatility. Currently, West Texas Intermediate stands at around $62 a barrel.

He said the number of wells completed is trending up for May. In April, 43 wells were completed and as of mid-May, 45 wells were completed, and 108 wells were permitted.

Alaskaʼs March output dropped by 5 kb/d to 433 kb/d while YoY production was flat. The steady production close to 435 kb/d over the last five months is an indication that production for the next few months will be on its regular plateau after summer maintenance.

Alaska has recently brought new fields online to consistently have YoY and monthly production gains which have broken away from the earlier dropping production red trend lines.

Coloradoʼs March oil production increased by 3 kb/d to 471 kb/d.

In August 2024, Colorado had 10 rigs operating and ended the year with 7. Colorado began 2025 with 7 rigs in January and February and then dropped to 5 in March/April/May. Is the dropping rig count beginning to show up in dropping oil production?

It should be noted that Colorado drillers are facing increasingly stricter environmental rules according to this Article which could be reducing drilling locations.

Part of Colorado’s oil comes for the Uinta Basin. The Uinta Basin’s role in Colorado’s oil production has come into focus over the past few years as a producer of a waxy type oil. Currently it is shipped out of the basin via trucks to local refineries in Salt Lake City and production is close to 170 kb/d. A proposal has been made to build a 100 mile railway to a pipeline terminal. There has been opposition to building the pipeline but the Supreme Court made a judgement this week that sided with the railway proponents.

However there are questions as to the viability of building the railway according to this Article.

“We also described the challenges of storing and transporting waxy crude, the fast rise in Uinta production (now averaging more than 170 Mb/d), the demand from distant refineries and blenders, and the strain being put on existing midstream and downstream infrastructure. That’s all spurred talk of expansion projects, but E&Ps, rail terminal developers, refiners and blenders are wary of making big up-front investments without having a clear understanding of the Uinta’s long-term prospects and, with that, a high degree of confidence that the basin will remain economically productive long enough for their investments to pay off.”

Oklahoma’s output in March rose by 17 kb/d to 399 kb/d. Production remains below the post pandemic July 2020 high of 491 kb/d and is down by 53 kb/d since May 2023. Output entered a slow declining phase in June 2023.

At the beginning of the year, there were 40 operational rigs. In February 6 rigs were added to bring the total to 46 and an additional 4 were added in March to raise the count to 50 in March/April/May. Will the increase in the rig count result in increasing oil production going forward?

California’s declining production trend continues but March saw a small increase to 267 kb/d.

Wyoming’s oil production has been rebounding since March 2023. However the rebound was impacted by the January 2024 storm. Production reached a post pandemic high in February 2024 and is now showing signs of being on a plateau. March’s production rose by 1 kb/d to 296 kb/d.

In August Wyoming had 8 operational rigs. The rig count has slowly risen to 14 from November to January and to 15 in May.

March’s production increased by 4 kb/d to 186 kb/d. Utah had 8 rigs operating from October through May.

Ohio has been added to the Louisiana chart because Ohio’s production has been slowly increasing since October 2021 and passed Louisiana in November 2023.

Louisiana’s output entered a slow decline phase in October 2022 and continues to fall but recovered a bit in March. March’s production rose by 3 kb/d to 78 kb/d. As of all of 2025, there are no oil rigs operating in Louisiana. In November 2024, one rig was operating. Anybody have any thoughts on this and can it be confirmed?

Ohio’s March oil production increased by 5 to 136 kb/d, a new record high. The most recent Baker Hughes rig report shows 8 rigs were operational at the end of May.

March’s oil production rose by 4 kb/d to 77 kb/d. Montana had one oil rig operating from December 2024 through May 2025.

GOM production rose by 29 kb/d in March to 1,793 kb/d vs the STEO forecast that it was expected to rise to 1,845 kb/d in March, a 52 kb/d over estimation. April production is projected to rise to 1,836 kb/d.

The May 2025 STEO projection for the GOM output has been added to this chart. It projects production in December 2026 will be 4 kb/d lower than March 2025 at 1,789 kb/d.

According to this Article, GOM production is expected to reach 2,400 kb/d by 2027.

• Gulf of Mexico’s output is projected to rise from 1.8 million barrels per day (bpd) to 2.4 million bpd by 2027.
• Recent BOEM assessments estimate the Gulf holds 29.59 billion barrels of oil and 54.84 trillion cubic feet of gas in technically recoverable.

A Different Perspective on US Oil Production

Combined oil output for the Big Two states Texas and New Mexico.

March’s production in the Big Two states increased by a combined 150 kb/d to 7,968 kb/d, a new high, and is 24 kb/d higher than October 2024. Clearly these two states were the drivers of US oil production growth up to October 2024. Will the trend change in the next few months?

Oil Production by The Rest

March’s oil production by The Rest rose by 107 kb/d to 3,327 kb/d and is 118 kb/d lower than November 2023.

Permian Basin Report for Main Counties and Districts

This special monthly Permian section was added to the US report because of a range of views on whether Permian production will continue to grow or will peak over the next year or two. The issue was brought into focus recently by two Goehring and Rozencwajg Report and Report2 which indicated that a few of the biggest Permian oil producing counties were close to peaking or past peak. Also comments by posters on this site have similar beliefs from hands on experience.

This section will focus on the four largest oil producing counties in the Permian, Lea, Eddy, Midland and Martin. It will track the oil and natural gas production and the associated Gas Oil Ratio (GOR) on a monthly basis. The data is taken from the state’s government agencies for Texas and New Mexico. Typically the data for the latest two or three months is not complete and is revised upward as companies submit their updated information. Note the natural gas production shown in the charts that is used to calculate the GOR is the gas coming from both the gas and oil wells.

Of particular interest will be the charts which plot oil production vs GOR for a county to see if a particular characteristic develops that indicates the field is close to entering or in the bubble point phase. While the GOR metric is best suited for characterizing individual wells, counties with closely spaced horizontal wells may display a behaviour similar to individual wells due to pressure cross talking . For further information on the bubble point and GOR, there are a few good thoughts on the intricacies of the GOR in an earlier POB comment and here. Also check this EIA topic on GOR.

New Mexico Permian

The total rig count in Lea and Eddy counties in the week ending May 30 was 81 down 9 over the past month and is down 14 from the January 2025 count of 94. The total rig count began to drop in early March.

Eddy county rigs have stabilized close to 44/45 over the last few months but Lea has dropped from 50 at the beginning of March to 37 at the end of May.

Lea County’s oil production entered a plateau phase in May 2024 at 1,227 kb/d, revised down from 1,240 last month and the plateau continues into March. March’s projected output rose by 27 kb/d to 1,226 kb/d. Preliminary March data from New Mexico’s Oil Conservation Division (OCD) indicates Lea County’s oil production increased by 18 kb/d to 1,197 kb/d.

Production has been essentially flat to slightly down since May 2024 as the rig count fell. March’s production rise is still a continuation of the slow declining plateau phase that started in May 2024 and is another indication that Lea County production has peaked or is very close to peaking.

The rising rig count starting in January 2025 may be contributing to the slowing decline in this plateau phase. The writing on the wall is saying that Lea County is very close to peak production.

The blue graph shows the average number of weekly rigs operating during a given month as taken from the weekly rig chart. The rig graph has been shifted forward by 8 months. So the 64 Rigs/wk operating in August 2023 have been time shifted forward to April 2024 to show the possible correlation and time delay between rig count, completion and oil production.

Note that rig counts are being used to project production as opposed to completions because very few extra DUCs are being completed at this time.

After much zigging and zagging, oil production in Lea county stabilized just below 1,100 kb/d in early 2023. Once production reached a new high in January 2023, production appeared to be on a plateau while the GOR started to increase rapidly to the right and entered the bubble point phase in July 2023.

Since July 2023 the Lea County production continued to increase as the GOR remained within a second semi-bounded region. This may indicate that additional production was coming from a new field/area since the GOR’s behaviour since August 2023 to March 2024 time frame appears once again to be in a semi bounded GOR phase accompanied with rising production.

The GOR moved out of the second semi-bounded GOR region in April 2024 and hit a new high of 1,205 kb/d in May 2024. Since July 2024 the GOR has bounced around 3.4 but March saw a production rise while the GOR increased to a new high of 3.5.

This zigging and zagging GOR pattern within a semi-bounded GOR while oil production increases to some stable level and then moves out to a higher GOR to the right has shown up in a number of counties. See a few additional cases below.

March’s projected oil production increased by 62 kb/d to 942 kb/d, a new high. Also preliminary production from the NM OCD increased 61 kb/d. Eddy county’s month over month production updates are very few and small and primarily occur in the last two months which indicates their preliminary production is very close to final. This is indicated by the red graph covering the green graph, i.e, there is no separation between the two graphs whereas there is separation in the Lea county production chart.

Eddy County’s recent oil production rise and fall is related to the rise and fall in the rig count. From May 2024 to November 2024, production rose from 752 kb/d to 902 kb/d, an increase of 150 kb/d, while essentially paralleling the increasing rig count. Over that same time shifted rig period, 14 to 15 rigs were added to Eddy County as production rose. Was a new Tier 1 region/area discovered to attract such a large increase in the rig count?

According to this Article, a lot of refracing may be occuring, which could be the source of short term production increase.

“The following (Possible typo, “falling’) rig count in the United States is raising concern about a future drop in U.S. oil production at the same time though many of the producers are refracting current riggs.” (Possible typo, “current wells”). Note no source provided for refracing comment.

The blue graph shows the average number of weekly rigs operating during a given month as taken from the above weekly drilling chart. The rig graph has been shifted forward by 7 months to roughly coincide with the increase in the production graph starting in November 2023.

Clearly the production rise up to November 2024 is closely associated with the rise in the rig count and associated well completions delayed by roughly seven months. The rising production starting in February 2025 does not correlate with the dropping rig count.

The Eddy county GOR pattern is similar to Lea county except that Eddy broke out from the semi bounded range earlier and for a longer time and then added a second semi bounded GOR phase. For March New Mexico’s Oil Conservation Division (OCD) reported oil production increased by 60 kb/d to 945 kb/d and stayed within the second semi-bounded region.

Texas Permian

The Midland county rig count has been rising again since mid-April from 21 to 24 at the end of May.

The opposite is true for Martin county. In the week ending May 30, 25 rigs were operational, down 19 from 45 in July 2023. Since the end of October Martin’s rig count has been bouncing around 26.

Oil Production in Texas Counties

March’s projected production dropped 10 kb/d to 594 kb/d, a new recent low. Both January and February projected production reported in the previous post have been revised lower as expected because large updates to earlier months did not occur this month as occurred in previous reports. For example, February’s projected production in last month’s report dropped by 51 kb/d from 655 kb/d to 604 kb/d.

The orange and green graphs show the oil production for Midland County as reported by the Texas RRC for February and March. The red graph uses the February and March data to project production as it would look after being updated over many months.

Dropping production starting in November through March is a strong signal that Midland production has passed peak production.

The blue graph shows the average number of weekly rigs operating during a given month as taken from the weekly drilling chart. The rig graph has been shifted forward by twelve months to better align with production. So the average 34.5 Rigs/wk operating in July 2023 have been moved forward to July 2024 to show the possible correlation and time delay between rig count, completions and oil production. This shift is much larger than the typical six to eight months used in other counties. Not clear why there should be such a difference.

If the twelve month shift in the rig count is approximately correct in that oil production can be tied to the rig count, oil production in Midland county should increase slightly starting in August for about six months before resuming its decline.

For March the GOR ratio increased to 4.31 from February’s 4.19 while reported preliminary oil production dropped 15 kb/d.

With Midland county into the bubble point phase, oil production and the GOR have stayed within a narrow range outside of the initial Semi-Bounded GOR region since March 2024. However the March 2025 GOR has broken out to new highs.

The oil production and GOR shown in this chart are based on the RRC’s March production report. Note that while the last few months are subject to revisions, the July 2023 to May 2024 production data has been steady for a number of months.

For Comparison: Martin county’s oil production posted last month.

Martin county’s projected March oil production was unchanged at 679 kb/d. The March projection is more realistic than the previous one shown above due to the smaller month over month revisions compared with those that occurred last month. Compare the gap between orange and green graphs starting in January 2024. For example, February production reported in the previous post has been revised down from 765 kb/d to 679 kb/d. August 2024 now appears to be peak production for Martin County.

The orange and green graphs show the production for Martin County as reported by the Texas RRC for February and March. The blue chart shifts the rig count ahead by 6 months.

The red graph is a projection for oil production as it would look after being updated over many months. This projection is based on a methodology that uses preliminary February and March production data. The green graph shows oil production reported by the Texas RRC for March and is 16 kb/d lower than February’s. Note how production has dropped from September 2024 to January 2025, green graph. The February and March projected increases could be the beginning of a short term plateau before production begins to fall again.

Martin county’s oil production after November 2022 increased and at the same time drifted to slightly higher GORs within the semi bounded range. However the June 2024 GOR saw its first move out of the semi bounded region. The preliminary Texas RRC’s March production for Martin county shows an increase in the GOR accompanied by a drop in oil production.

Martin county has the lowest semi-bounded GOR boundary of the four counties at a GOR of close to 2.60. In March the GOR rose to 2.87 from 2.81 in February while production dropped by 6 kb/d. The GOR is clearly out of the semi-bounded region. Martin County has now entered the bubble point phase that should result in oil production possibly entering a slowly dropping plateau phase.

This chart shows the total oil production from the four largest Permian counties. Assuming that current March Permian production is close to 6,400 kb/d, these four counties account for 54% of the total. March is the first month giving indications that the projected and preliminary combined oil production from the four largest counties may have entered a plateau phase. The increases in the two New Mexico counties are being offset by losses in the Texas counties. March’s projected production rose by 78 kb/d

The February and March initial production data is shown in the orange (slightly visible after January 2025) and green graphs respectively. The red graph uses the February and March data to project an estimate for the final March production. The large March increase is related to the production rise in the two New Mexico counties.

Findings

– The March preliminary production data was in general good and the projections are reasonable to good. The four largest Permian county production charts are in different phases of their production life. Of the four, one is at a new high, one is in its plateau phase and two are in decline. Taking into consideration that the price of WTI is stuck close to $60/b, the rig and frac spread counts are starting to drop, taken all together, they all point to peak production occurring in the onshore lower 48 within the next three to six months.

– Lea county entered a plateau phase in May 2024. While oil production is not following the rig count graph directly, the dropping rig count is resulting in Lea production currently being in a slowly declining plateau phase.

– Eddy county’s production hit a new high in March.

– Midland county first peaked in July 2023 and has roughly followed the declining rig count graph up to May 2024. Midland county peaked a second time in November 2024. Dropping production starting in November through March is a strong signal that Midland production has passed peak production.

– August 2024 now appears to be peak production for Martin County and it may enter a plateau phase at a lower production level around 650 kb/d.

Texas District 8

District 8’s oil projected production peaked in November 2024 at 3,704 kb/d. March’s projected production dropped by 125 kb/d to 3,433 kb/d and is 271 kb/d lower than November 2024.

Texas District 8 contains 20 counties. Of the 20, six are reviewed/tracked in this post, Midland, Martin, Loving, Reeves, Howard, and Glasscock. Of the total production of 3,433 kb/d, these six counties accounted for 76% of the total. From November 2024 to March 2025, production in District 8 decreased by 271 kb/d. Of the 271 kb/d decrease, those six counties accounted for 246 kb/d or 91% of the decrease.

While revisions in the production chart affect the projection, it does not affect the GOR.

Plotting an oil production vs GOR graph for a district may be a bit of a stretch. Regardless here it is and it seems to indicate many District 8 counties may well be into the bubble point phase. The GOR continued to increase in March to 4.37. This is another indicator that implies District 8 may be on a production plateau.

Oil Production and GOR Charts for a number of Larger Texas Oil Producing Counties

Below are charts for the next six top oil producing counties in Texas.

March’s projected oil production for Reeves county dropped 2 kb/d to 468 lb/d. Reeves county peaked in May 2024 at 522 kb/d. The GOR chart indicates that Reeves County entered the bubble point phase in December 2024 and production is in a declining phase.

Reeves county GOR is high because it is the number 1 Texas county ranked by gas production. The current C + C production is equally split between crude and condensate.

Loving county had a large production drop of 60 kb/d in March to 454 kb/d. Loving production peaked at 542 kb/d in November 2024.

For March, the GOR has moved back into the original Semi-Bounded region which is an indication that production came from an”oilier” area, i.e. one that has a lower GOR.

Upton county production has followed the rig count graph since January 2024 and peaked in December 2024. March saw another drop in both the preliminary production and the production projection. The GOR may be on the verge of moving out of the semi-bounded region.

March’s projected production dropped 12 kb/d to 257 kb/d.

The rig graph in the oil production chart has been shifted forward by six months.

Howard county peaked in July 2023 at 428 kb/d. Note the rapid movement of the GOR to higher ratios once it broke out of the Semi-Bounded GOR range. While the GOR has risen to new highs, preliminary production has kept on falling. However the projected production rise shown after July 2024 may be an indication that production has moved into new and lower plateau zone.

March’s projected production dropped 34 kb/d to 281 kb/d.

Reagan county oil wells have a very high GOR and passed peak production in September 2024. The production chart indicate that oil production has been falling since September along with an increasing GOR.

March’s projected production increased by 1 kb/d while the GOR fell.

Glasscock’s production has been falling since April 2024 and does not show any sign of slowing. The GOR moved out of a very wide Semi-Bounded region to a new high of 5.84 in February. Note the rapid increase in the GOR starting from 3.91 in April 2024.

March’s projected production dropped 10 kb/d to 130 kb/d while the GOR dropped back to 5.75.

Drilling Productivity Report

The Drilling Productivity Report (DPR) uses recent data on the total number of drilling rigs in operation along with estimates of drilling productivity and estimated changes in production from existing oil wells to provide estimated changes in oil production for the principal tight oil regions. The new DPR report in the STEO provides production up to April 2025. The report also projects output to December 2026 for a number of basins. The DUC charts and Drilled Wells charts are also updated to April 2025.

The oil production for the 5 DPR regions tracked by the EIA’s STEO is shown above up to April 2025. Also the April 2025 STEO projects production out to December 2026, red markers.  Note DPR production includes both LTO oil and oil from conventional wells. 

April oil output in the five DPR regions increased by 90 kb/d to 8,943 kb/d. Production is expected to rise by 65 kb/d in May to 9,008 kb/d. Note the sharp production rise of 265 kb/d from May 2025 to September 2025 to 9,274 kb/d. After that production growth plateaus for four months before declining. Considering the flat rig count and low completion rate, it is not clear why production should rise over this period.

Production in December 2026 is forecast to be 9,187 kb/d.

The EIA’s May STEO/DPR report shows Permian April output rose by 73 kb/d to 6,388 kb/d. From May 2025 to December 2026 output is expected to rise by 264 kb/d to 6,724 kb/d. Note that December 2026 production has been revised down by 61 kb/d from 6,785 kb/d.

Production from new wells and legacy decline, right scale, have been added to this chart to show the difference between new production and legacy decline.

Output in the Eagle Ford basin had been increasing since January 2024 and appears to have peaked in October 2024 at 1,236 kb/d and then dropped every month until January 2025. April production increased by 2 kb/d to 1,150 kb/d. May 2025 production is forecast to drop by 3 kb/d to 1,147 kb/d.

Production over the next two years is expected to peak in June 2026 at 1,184 kb/d. Output in December 2026 expected to be 1,172 kb/d.

The DPR/STEO reported that Bakken output in April rose by 15 kb/d to 1,190 kb/d. The STEO/DPR projection, red markers, shows output to be essentially in decline after October 2025, dropping to 1,149 kb/d in December 2026.

This chart plots the combined production from the three main LTO regions. For April output rose by 89 kb/d to 8,727 kb/d. Production for December 2026 is forecast to be 9,045 kb/d, a downward revision of 11 kb/d from the previous report.

March’s production forecast of 8,929 kb/d in last month’s post turned to be 202 kb/d too high compared with the currently reported production of 8.727 kb/d.

DUCs and Drilled Wells

The number of DUCs available for completion in the Permian and the three major DPR regions has turned from a dropping trend to a rising one. April DUCs for the three basins rose by 6 to 1,564. In the Permian the DUC count increased by 23 to a total of 975.

In the three primary regions, a total of 623 wells were completed and 628 were drilled.

In the Permian, the monthly completion and drilling rates have begun to drop.

In April 2025, 434 wells were completed while 457 new wells were drilled. This is the fifth month in a row in which the number of wells drilled exceeded the number of completed wells.