In October, 70 PE-backed companies received approval for 245 drilling permits, averaging 9,382 feet of total depth per permit, based on data from the Railroad Commission of Texas. (The state of Texas approved 1,010 drilling permits overall.)
Of those PE-related permits, 66.1% were horizontal, 29.4% were vertical, 3.3% were directional and the remainder were a combination.
Assuming an approximate cost of $6m to drill and complete a horizontal well, those ~162 wells would require $971.6m in capital. Including the additional 80 other wells, the total capital needed to drill all 245 wells approved in October would be well over $1bn.
The top overall counties by number of permits are as follows: