Source: U.S. Energy Information Administration, based on Baker Hughes U.S. drilling activity is increasingly concentrated in the Permian Basin , which spans parts of western Texas and southeastern New Mexico. The Permian now holds nearly as many active oil rigs as the rest of the United States combined, including both onshore and offshore rigs, and it is the only region in EIA’s Drilling Productivity Report where crude oil production is expected to increase for the third consecutive month. Source: U.S. Energy Information Administration, Drilling Productivity Report, November 2016 Exploration and production companies are increasing merger and acquisition (M&A) spending in the United States, recovering from a low period of M&A spending in 2015 and the first quarter of 2016. This change is attributed to two key factors. First, weekly average West Texas Intermediate crude oil spot prices averaged between $40 per barrel (b) and $50/b since mid-April, an increase […]