The Powder River Basin | January 2023
Field Overview
The Powder River Basin, known for its coal deposits, is located in Southeast Montana and Northeast Wyoming. The basin is named so because it is drained by the Powder River. Major cities in the area include Gillette and Sheridan, Wyoming and Miles City, Montana. There is a recent resurgence in oil and gas production as a result of horizontal drilling and hydraulic fracturing. This resurgence is occurring mainly in the Wyoming part of the basin, which is historically known as the source of the basin’s oil.
State Drilling Statistics
Total Rigs in Wyoming- 18 (-)
Total Rigs in United States- 760 (-)
Total U.S. Rigs 
18% YTD
State Permitting Data
Permits Approved – 13
Powder River Top Producer
Top Producer – EOG
Basin Highlights
Wyoming State Geological Survey Releases Annual Recap of State’s Oil and Gas Industry
2022 was a good year for the Wyoming oil and gas industry. The state produced 90 million barrels of crude, over half of which came form Converse and Campbell Counties in the Powder River Basin. Wyoming State Geological Survey Director and State Geologist Dr. Erin Campbell noted that Wyoming oil and gas production has doubled in the last ten years while natural gas production is slightly lower than the highs in 2009 which were driven largely by the coalbed methane boom in Sublette, Sweetwater, and Fremont Counties.
Lower 48 Natural Gas, Oil Permitting Rebounds in December, Led by Texas and Wyoming
National oil and gas drilling permits climbed by 13% from November to December, reversing a slightly downward trend in permitting observed throughout the tail part of 2022. Kansas, California, and Pennsylvania all reported decreases in December permitting relative to November while Wyoming was up 146 permits to 422 (53% m/m) and Texas was up 290 permits to 1,655 (21% m/m).
EOG Resources: Well-Positioned to Deliver Over the Long-Term
EOG Resources recently announced its strategy for 2023 which highlighted a few key items including increasing activity in the Dorado Basin in Western Australia and the newly-discovered Utica oil window. EOG also indicated the beginning of a shift of focus away from their long-held Bakken/Three Forks assets towards their Powder River Basin assets. The strategy indicates bullishness on natural gas in the long term with comments about contracts with LNG exporter Cheniere Energy and a gradual migration towards gassier regions in the Delaware Basin within the Permian.
Most Permit Approvals by Operator
| Rank | Company | Permits Approved |
| 1 | Anschutz Corp | 13 |
| 2 | Continental Resources | 9 |
| 3 | EOG | 7 |
| 4 (Tied) | Vermillion | 4 |
| 4 (Tied) | Devon | 4 |
Top Producers – Oil
| Rank | Company | January Oil Production (MBO) |
| 1 | EOG | 782 |
| 2 | Anschutz Corp | 722 |
| 3 | Continental Resources | 690 |
| 4 | Devon | 567 |
| 5 | Occidental | 443 |
Top Producers – Gas
| Rank | Company | January Gas Production (MMCF) |
| 1 | Denbury | 6,917 |
| 2 | Carbon Creek Energy | 5,184 |
| 3 | EOG | 4,839 |
| 4 | Continental Resources | 2,615 |
| 5 | Occidental | 1,574 |
Rig Count
Wyoming Oil Production
Wyoming Gas Production
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