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U.S. Drilling Drops, Yet Oil Production Hits Record Highs

11/18/2025

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Summary

Story summary

Lower 48 states drilling activity declined from 750 rigs in December 2022 to 517 in October 2025.
Oil-directed rigs fell 33% to 397, and gas-directed rigs fell 23% to 120.
Production reached record highs despite fewer rigs, with crude at 11.4 million bpd in July 2025 and natural gas at 117.2 Bcf/d in August.
The Permian remains the largest oil producer, up 18% as rig count dropped 29%.

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Story summary

Lower 48 states drilling activity declined from 750 rigs in December 2022 to 517 in October 2025.
Oil-directed rigs fell 33% to 397, and gas-directed rigs fell 23% to 120.
Production reached record highs despite fewer rigs, with crude at 11.4 million bpd in July 2025 and natural gas at 117.2 Bcf/d in August.
The Permian remains the largest oil producer, up 18% as rig count dropped 29%.