Oil and natural gas permitting in the Lower 48 slowed down sequentially in October, although the monthly permit count was up on both a year/year basis and when compared to pre-Covid October 2019 numbers, Evercore ISI data show.

Operators filed a total of 3,308 permits last month, down 16% from September but up 25% versus October 2021, said Evercore researchers led by James West in the firm’s latest monthly tally. The permit count also was up 6% versus October 2019, researchers noted. 

The Permian Basin of West Texas and southeastern New Mexico led the month/month decline, with permits falling by 486 to 1,190.

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