Bud's Offshore Energy (BOE)

Even after full recovery from Hurricane Ida, Gulf of Mexico production remained well below the August 2019 monthly peak of 2.044 million BOPD. Production should trend upward in the near term as the Vito, Anchor, Argos, King’s Quay, and Whale floating production units come online. However, to sustain production near or above 2 million BOPD, exploration activity needs to be stimulated. This will be difficult given the suspension of leasing, and the continuous legal and administrative challenges.

Meanwhile the April 1 rig count held steady at 14.