At 419 million bbl, US crude oil inventories are about 9% below the 5-year average for this time of year, the EIA report indicated.

But nearly 40% continue to expect spending to rise next year even though executives’ overall outlook remains slightly negative.

The deal, agreed to in May, adds 5,000 boe/d of total equivalent production and over 300 gross undeveloped locations for $142 million in cash.