Permits to develop natural gas and oil in the Lower 48 slumped in August, with the biggest operating area, the Permian Basin, off by double-digits from July and 12% year-to-date. 

“Permian permitting continues to slow,” down by 407 or 37% month/month (m/m), with year-to-date permits declining by 820, according to Evercore ISI analysts led by James West.

Each month the firm updates domestic permitting activity using state and federal data. Exploration and production (E&P) companies pull permits to drill about three to six months before development begins.

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A total of 1,902 permits was issued nationwide in August, “a 30% decrease on a...