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Baker Hughes’ counts of active oil and gas drilling rigs continue to decline.  As of May 24, counts in 2019 have declined 100 in U.S., 51 in Texas, 4 in New Mexico and 35 in Permian Basin.  Baker Hughes said as of May 24 there are 451 rigs in Permian Basin (454 last week, 486 to start the year, 478 a year ago), 481 rigs in Texas (482 last week, 532 to start the year, 534 a year ago), 99 rigs in New Mexico (103 last week, 106 to start the year, 91 a year ago) and 983 rigs in U.S. (987 last week, 1,083 to start the year, 1,059 a year ago).  It’s the first time for New Mexico to drop below 100 rigs since October 2018.

Reeves County is the Permian leader with 62 rigs (up 1 in past week) followed by Eddy, N.M., with 54 (up 1 in past week) and Midland with 46 (up 3).  Others include Lea, N.M., with 43 (down 5), Martin with 37 (down 3), Loving also with 37 (unchanged) and Howard with 30 (down 1).

Other leading states for rig counts as of May 24 include Oklahoma with 103 (103 last week, 140 last year), Louisiana with 63 (63 last week, 60 last year) and North Dakota with 57 (56 last week, 56 last year).  Other leading regions include Eagle Ford with 75 (74 last week, 78 last year), Marcellus with 62 (60 last week, 56 last year), Williston with 57 (56 last week, 57 last year) and Haynesville with 50 (50 last week, 54 last year).

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