Overview

• Diamondback Energy has announced that U.S. onshore oil production has peaked and is expected to decline this quarter without a significant price rebound.
• The U.S. frac crew count has dropped 15% year-to-date, with the Permian Basin seeing a sharper 20% decline from January peaks.
• Rig counts are projected to decrease by nearly 10% by the end of Q2, with further declines anticipated in the third quarter, according to industry data.
• Coterra Energy has reduced its 2025 Permian rig guidance by 30%, planning to operate an average of seven rigs in the second half of the year.
• Oil prices recently rebounded slightly after hitting four-year lows, with WTI futures rising over 3% to just below $60 per barrel, though uncertainty persists.