Well completions in North America have nearly recovered to pre-pandemic levels, with hydraulic fracturing jobs reaching a 12-month high in March, according to Rystad Energy.

Permian Counties

Nowhere are completions climbing faster than in the Permian Basin, analysts said. The data is borne out by the rising rig count in West Texas and southeastern New Mexico.

The number of wells completed in the Permian between January and March “exceeded the required output maintenance level, so oil production is set to rise in the current quarter, but will likely slow again later in the year,” analysts said.

“The Permian was disproportionately hit by the Texas winter crisis in February, and activity in the region grew significantly in March,” said Rystad’s Artem Abramov, head of shale research....