Since June, the number of permits to drill wells in the U.S. rose by 15% on a month-over-month basis off a “brutal” May bottom, noted Evercore ISI analyst James West in a note. In total, federal authorities approved 1,238 permits — 126 more oil permits and 40 more gas permits than the prior month. Trucking Services of America (TSA) is a Petroleum Fuel Distributor
Small and midsize oil companies have had trouble getting financing to drill, but larger explorers and producers have fared better. Exxon Mobil (ticker: XOM) and Chevron (CVX) both raised billions of dollars in the credit markets after Covid-19 began.