November 2, 2026 Edition
At Valor, our goal is to keep you informed of the latest news and updates from the oil and gas industry. We are committed to sharing the insights and knowledge that our team gathers to help you stay ahead in this dynamic sector. From mergers and acquisitions to regulatory changes and technological advancements, we cover all the key developments that impact the industry. Stay tuned for weekly updates to keep you well-informed.
U.S. Rig Count Holds at 603 as Oil Drilling Gains Offset Natural Gas Decline- The U.S. rig count held at 603 for the week ended Oct. 30, above 600 for a fourth straight week and 57 higher than a year ago. Oil rigs rose by two to 462, nearly 12% above a year ago, while gas rigs fell by two to 130. The Permian held at 272, up 21 from a year earlier, Texas lost two rigs to reach 275, and the Eagle Ford fell one to 50.
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- Permian Basin reports more frac crews, fewer DUC wells in past year
- Summary: Enverus data as of Oct. 16 show 106 frac crews working in the Permian, up from 97 the prior week and 93 a year earlier. The basin’s inventory of drilled but uncompleted wells fell to 2,060 from 2,378 a year ago, while the U.S. total declined to 4,296 from 4,676. ExxonMobil led Permian operators with an average of 34.3 active rigs, followed by Devon at 21.0 and Diamondback at 19.1.
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- Nat-Gas Prices Partially Recover from Monday’s 6-Month Low
- Summary: November Nymex natural gas closed up 3.65% on Oct. 27, partly recovering from Monday’s six-month low but still down about 18% since Oct. 13. Inventories rose 77 Bcf for the week ended Oct. 16, leaving stocks 1.0% above the five-year average. LNG net flows to U.S. export terminals were about 20.8 Bcf per day, up 7.3% week over week, as Freeport LNG returned to near-normal levels.
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- What’s Next for the Eagle Ford?
- Summary: Devon Energy’s sale of its Eagle Ford acreage to Crescent Energy for $4.22 billion has renewed attention on the South Texas play. RBN Energy describes the position as about 90,000 acres, which Devon entered more than a decade ago through its GeoSouthern acquisition. The sale follows Devon’s $21 billion merger with Coterra Energy, which closed in May 2026, and the article ties it to a portfolio review focused on higher-return assets.
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- OPEC Keeps December Output Targets Unchanged
- Summary: A subgroup of seven OPEC+ countries led by Saudi Arabia and Russia will keep current production targets for December, according to a statement issued after a Sunday video conference. London oil futures rallied to $118 per barrel the prior week, while the article notes physical market prices fell. Next year’s policy will be settled at a full ministerial meeting on Nov. 29, with a decision on restoring another layer of 2022 cuts tied partly to a capacity audit.
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Matador Expands San Mateo Midstream with Delaware Basin Gas Deals - Summary: Matador Resources said its San Mateo Midstream joint venture signed two long-term agreements with a large Northern Delaware Basin producer. One new contract covers gathering, treating and processing gas from newly dedicated acreage in Lea and Eddy Counties, New Mexico, at the Marlan complex, and the other extends an existing Black River plant agreement. San Mateo plans to add a 300 million cubic feet per day processing train by the end of 2028.
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- Welspun Tubular to supply coated steel pipe for natural gas line in Permian Basin
- Summary: Welspun Tubular, the U.S. subsidiary of India’s Welspun Corp., reportedly won an order worth about $580 million to supply coated pipe for a natural gas pipeline in the Permian Basin. The pipeline will serve a data center complex run by an unnamed hyperscaler, with deliveries expected in fiscal year 2029. Based in Little Rock, Welspun Tubular makes large-diameter steel pipe for oil and gas transportation, and the company reports global orders totaling $5.25 billion.
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