Home Business Permian Basin records biggest rig count gain in 14 months

Permian Basin records biggest rig count gain in 14 months

4 min read

For the News-Sun

The count of active oil and gas drilling rigs in the Permian Basin posted its largest gain since January 2021 last week with the addition of nine rigs for a new total of 332, compared to 224 a year ago.

That total is up 13.3 percent since starting the year with 293 rigs.

As of April 8, there were 96 rigs in New Mexico — unchanged in past week, compared to 70 year ago. Also, as of April 8, there were 342 rigs in Texas, compared to 331 week ago, and 209 year ago. And there were 689 rigs in the U.S., compared to 673 week ago, and 432 year ago.

Since the start of the year, rig count is up 23.5 percent in Texas and 17.6 percent in U.S. No major producing state reported a decline in rig count last week.

Counties leading the rig count in the Permian Basin are:

• Lea County, in New Mexico, 54 rigs

• Eddy County, in New Mexico, 38 rigs

• Midland County, in Texas, 32 rigs

• Martin County, in Texas, 32 rigs

• Reeves County, in Texas, 27 rigs

• Loving County, in Texas, 26 rigs

• Howard County, in Texas, 22 rigs

• Upton County, in Texas, 19 rigs

Haynesville remains No. 2 among regions with 67 rigs followed by Eagle Ford with 57, Marcellus with 37, Williston with 34 and Cana Woodford with 25. Louisiana remains No. 3 among states with 57 rigs followed by Oklahoma with 50, North Dakota with 33, and Pennsylvania with 25.

U.S. Energy Information Administration said this week U.S. crude production will grow at a more diminished rate than previously forecast as shale producers contend with higher production and labor costs.

Output in 2022 is now expected to average 12.01 million barrels per day compared to EIA’s previous forecast of 12.03 million b/d. And in 2023 EIA expects production to increase by 940,000 b/d to 12.95 million b/d compared to the previous forecast of an increase of 960,000 b/d.

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