US drilling permit activity slowed in May


The number of applications to drill for oil and natural gas in the US dropped 23% month-on-month in May, following a double-digit jump in April, with all but two basins recording declines, according to Evercore ISI. Permitting fell 33% in Texas and 72% in California, while New Mexico and Oklahoma saw their permit counts rise by 13% and 36%, respectively, during the month.

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