The Texas oil industry began its descent at the beginning of the year as the Midland district recorded a 27% drop in permits.
The number of permits for drilling in the Midland area fell from 520 in January to 375 in March, the Midland Reporter-Telegram reported, citing statistics from the Railroad Commission of Texas. The drop was far more extensive throughout the state with a 35% drop.
Despite the fall in activity, Midland appears to be healthier than other areas in the state in terms of oil activity. Nearly half of the new permits granted in the state were in the Midland area with its 375 permits accounting for 49.9% of the total. Oil and gas completions were also prevalent in the area with 36% (913) and 46% (262) respectively.
Overall, the Railroad Commission reported 744 state drilling permits in March which was 400 fewer than March 2019, according to the Reporter-Telegram.