Baker Hughes’ count of active oil and gas drilling rigs declined (by 12) for sixth straight week in U.S. to 642 – lowest count in 18 months since February 2022. And the number of oil-directed rigs declined by 5 in the past week to 520 – lowest in 17 months since March 2022. Also, as of Aug. 18, Baker Hughes said there were 327 rigs in Permian Basin (unchanged in past week, down 18 in past year), 312 in Texas (unchanged in past week, down 57 in past year) and 112 in New Mexico (down 1 in past week, up 6 in past year). Only one basin (Granite Wash) and one state (Pennsylvania) added rigs last week.
Eagle Ford in south Texas is No. 2 among regions with 53 rigs (unchanged in past week, down 19 in past year) followed by Haynesville with 43 (down 1 in past week, down 26 in past year), Williston with 33 (down 2 in past week, down 6 in past year) and Marcellus with 30 (down 1 in past week, down 5 in past year). Louisiana is No. 3 among states with 45 rigs (down 3 in past week, down 19 in past year) followed by Oklahoma with 38 (down 2 in past week, down 27 in past year) and North Dakota with 33 (down 2 in past week, down 4 in past year).
Five of the top 9 counties in Permian Basin added rigs last week. Lea, N.M., added a rig to lead with 65 followed by Eddy, N.M., with 45 (down 2), Martin with 38 (down 2), Midland with 28 (down 2) and Reeves with 26 (up 1). Others include Loving with 23 (up 1), Ward with 18 (unchanged), Glasscock with 12 (up 2) and Reagan with 11 (up 1).