Permian Basin added a drilling rig in the past week for only the third time since April, according to Baker Hughes. As of July 28, there were 334 rigs in Permian Basin (333 previous week, 351 year ago), 322 in Texas (322 previous week, 371 year ago), 111 in New Mexico (113 previous week, 110 year ago) and 664 in U.S. (669 previous week, 767 year ago). It’s the lowest U.S. count since March 2022, and the U.S. count is down 103 rigs or 13 percent in the past year. The count of U.S. oil-directed rigs fell by 1 in the past week and 16 in the past month to 529 – the eighth straight month of decline.
Louisiana is No. 3 among states with 51 rigs (up 2 in past week, down 14 in past year) followed by Oklahoma with 39 (down 1 in past week, down 25 in past year) and North Dakota with 35 (unchanged in past week, down 1 in past year). Eagle Ford in south Texas is No. 2 among regions with 55 rigs (down 2 in past week, down 17 in past year) followed by Haynesville in east Texas and Louisiana with 44 (unchanged in past week, down 25 in past year), Williston with 35 (unchanged in past week, down 3 in past year) and Marcellus with 34 (down 1 in past week, down 4 in past year).
Currently only seven counties in Permian Basin have at least 10 rigs, led by New Mexico counties Lea with 59 (down 1 in past week) and Eddy with 50 (down 1). Others in double digits in count of active drilling rigs were Martin with 41 (up 1), Reeves with 32 (up 2), Loving with 23 (up 1), Ward with 18 (up 2) and Glasscock with 11 (up 1).