U.S. oil and gas permitting fell for the second month in a row in November, but it continues on track for a year-end high, according to Evercore ISI.

Permian Permits

The domestic permit count declined by 7% month/month (m/m) last month, down by 245. The pullback came after October slumped by 16% from September. 

Still, the permit count remained nearly 35% higher from November 2021 and 198% up from November 2020 numbers, the Evercore analysts led by James West said. Last month’s count was about 4% below November 2019 figures, though.

“November also brings the year-to-date count to 36,382 new permits, far surpassing last year’s 23,958,” according to West.

In the Permian Basin, permitting fell by 17% m/m, down by 206. The Powder River Basin (PRB) saw a 44% decline from September, off...