XOM data is our focus this week, where the recent surge in activity has driven the company to spend more in U.S. shale than any other operator (XOM is also now bigger than any one single basin ex-Permian). In the Permian, the XOM surge has been most pronounced in their spud count, which has more than doubled in recent quarters. Over the next 12 months, XOM completions will also surge to catch up to drilling activity. Longer-term, XOM will potentially 1) add even more frac fleets to catch up to rigs — requiring more capital, or 2) cut rigs to slow their spending cadence.
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