There’s a lot of uncertainty now six weeks into a war. It comes as no surprise that numerous oil and gas E&Ps have paused their drilling plans, taking a wait-and-see approach even as prices have been slingshot to the moon. Other producers are getting their motor running, bringing on more rigs, and ramping up activity. There’s no guarantee these prices won’t change in a finger snap depending on the length and outcome of the conflict. But each is willing to risk it. An interesting time indeed.

Reese Energy Consulting today is following the latest news from those producers, some unlikely to ramp up their activity until next year and those ramping up their drilling programs right now.

Following conversations in March with APA Corp, ConocoPhillips, EOG Resources, Diamondback Energy, Occidental Petroleum, and Permian Resources, analysts at Evercore ISI in March found that all but one was ready to wait and see. That one would be Diamondback moving forward this year on DUCs, adding two rigs, and giving more love to the high end of its 2026 capex.

Continental Resources has proved hardly deterred by the geopolitical situation at hand that’s created an energy crisis. Harold Hamm, the company’s founder and shale rockstar plans to add more rigs in the Permian, Anadarko, and Powder River basins, increase its capex by up to 20%, and send more barrels to U.S. allies. “First of all,” Hamm says, “They didn’t have enough supplies stored up. And now that they can’t get oil from the Strait of Hormuz, they’re running out or getting close.” God bless our oil and gas producers.