Posted on 05/25/2016 12:53:16 PM PDT by 2ndDivisionVet
It was a positive week for the Permian Basin rig count.
The nation’s most-active basin added three rigs for a total of 137. Its most-active county, Midland, added two to the tally for a total of 23 rigs, according to weekly rotary rig count data released Friday by Houston-based oilfield services company Baker Hughes.
The Permian saw several counties with renewed activity, including Cochran, Schleicher and Dawson. Lynn was the only county that ceased all activity.
For active areas in the Permian, there were 24 rigs in District 7C, up two; 89 in District 8, up one; eight in District 8A, unchanged; and 17 in New Mexico, unchanged. The Texas total was 120, up three.
Counties with double-digit rig counts were Midland, Loving (17), Reeves (17) and Upton (14).
The Permian had 233 rigs at this time last year.
TEXAS & NEW MEXICO
Despite the Permian’s gains, Texas as a whole idled eight rigs, lowering the tally to 173.
The Granite Wash was unchanged at four, and the Haynesville rose one to 14. The Eagle Ford fell two to 31, and the Barnett fell three for a count of two.
Texas’ lone offshore rig was idled this week and continued without any activity in inland waters.
New Mexico was unchanged at 18.
A year ago this week, there were 373 rigs in Texas and 47 in New Mexico.
UNITED STATES
Nationally, the rig count was little changed.
Two natural gas rigs went offline, leaving 85. Oil rigs were unchanged at 318, and the lone rig listed as miscellaneous also was unchanged. In total, the nation had 404 rigs, down two.
By location, there were 375 rigs on land, down seven; five in inland waters, up three; and 24 offshore, up two. Twenty-three of the nation's offshore rigs were in the Gulf of Mexico, where all new activity occurred.
By drilling trajectory, there were 314 horizontal rigs, down one; 48 vertical rigs, down five; and 42 directional rigs, up four.
The U.S. had 885 rigs at this time last year.
MOST-ACTIVE
The basins nationwide with the most activity were the Permian, the Eagle Ford, the Cana Woodford (29), the Marcellus (26) and the Williston (23).
The most-active states were Texas, Oklahoma (57), Louisiana (47), North Dakota (23) and New Mexico. Louisiana added seven rigs this week.
CANADA AND NORTH AMERICA
Canada added one rig this week, raising its total to 44. There were 16 oil rigs, unchanged, 27 natural gas rigs, up one; and one rig listed as miscellaneous, unchanged. Canada had 72 rigs a year ago this week.
The total number of rigs in the North America region was 448, down one. At this time last year, there were 957 rigs in North America.
MORE ENERGY NEWS
Don’t miss the Oil Report in Sunday's Reporter-Telegram. This week’s big six stories:
-- Despite the downturn, the Delaware Basin still holds promise and has been a magnet for midstream investment.
-- Approach Resources says low cost and infrastructure are keys to developing the Wolfcamp.
-- Advanced Industrial Devices expands its Permian Basin presence.
-- China’s largest wind energy company blows into Texas.
-- Abraxas will end efforts to sell Permian assets.
-- India has imported a record amount of crude oil.
More energy news is also available at mrt.com. For more information about the weekly rotary rig count, visit bakerhughes.com.
***
The following are county-by-county rig counts in the Permian Basin for the week ending May 20, with changes in parentheses.
DISTRICT 7C
Irion 1
Reagan 7
Schleicher 1 (+1)
Upton 14 (+2)
Total 23 (+2)
DISTRICT 8
Andrews 5 (-1)
Culberson 5
Ector 1
Glasscock 2 (-1)
Howard 7 (+2)
Martin 5 (-2)
Midland 23 (+2)
Mitchell 1
Pecos 3
Reeves 17
Ward 2
Winkler 1
Total 89 (+1)
DISTRICT 8A
Cochran 1 (+1)
Dawson 1 (+1)
Gaines 2
Hockley 1
Lynn 0 (-1)
Scurry 1
Yoakum 2 (-1)
Total 8
NEW MEXICO
Eddy 8
Lea 9
Total 17
Awesome, Thanks for Posting :)
What?!? Seriously?!? There’s oil in west Texas?!?
There’s been oil rigs as far the eye can see there for decades. Of course, the industry comes and goes. This time next year they’ll decide the market isn’t right and shut down half. Wait a few years and they’ll be back running again. Ebb and tide.
I predict this is a dead cat bounce. Oil price needs to be much higher for a real increase in rig count. Also the banks are very nervous at this point about loaning money for oil & gas ventures.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.