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Rig count drops in the Permian

The Permian Basin’s rig count dropped by 20 to 548 last week, according to Baker Hughes weekly rig count.  District 8, which includes Midland County, is down 19 rigs to 316.

Statewide the Texas rig count was down 24 rigs as of last week, bringing the total to 872. In Texas’ Eagle Ford shale the rig count dropped by two, now at 204 rigs.  The Granite Wash basin is at 57 rigs, down six; Louisiana’s Haynesville is up three, raising its total to 43; and the Barnett shale is down one, now sitting at 23 rigs.

However, when compared to last year at this time, the Permian Basin had 477 rigs and statewide there were 848.  Total rigs have increased by 71 in the Permian Basin and 24 statewide over the past year.

Nationwide, the U.S. lost 27 rigs last week, bringing the total to 1,893.  According to the Midland Reporter-Telegram, “There were 1,546 oil rigs, down 29; 346 natural gas rigs, up two; and one rig listed as miscellaneous, unchanged.”

This time last year, the U.S. sat at 1,782 rigs.

The top basins by rig count are the Permian Basin, the Eagle Ford, the Williston with 188 rigs, down 1, Marcellus up by one, sitting at 83, and the Mississippian still at 74.

To read the full article regarding last week’s rig count, click here.

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