The streaks of declining rig counts have reached 12 weeks in the U.S. and 11 weeks each in Texas and Permian Basin as of May 29, according to Houston-based Baker Hughes. There were 148 active rigs in Permian Basin (162 previous week, 452 previous year), 127 rigs in Texas (138 previous week, 480 previous year) and 301 in U.S. (318 previous week, 984 previous year). New Mexico has 61 rigs (63 previous week, 101 previous year).
Low rig count in U.S. in 2014-16 during previous oil bust was 404 in May 2016.
Eddy County, N.M., continues to lead the nation and Permian Basin with 39 rigs (41 last week). Midland County and Lea County, N.M., have 22 rigs each. The only other Permian counties with double-figure rig counts are Loving (13) and Reeves (12).
Other leading regions include Haynesville with 32 rigs (unchanged in past week), Marcellus with 28 (30 previous week), Eagle Ford with 22 (unchanged in past week) and Williston with 12 (14 previous week). Other leading states include Louisiana with 35 rigs (unchanged in previous week), Pennsylvania with 20 (22 previous week), and North Dakota and Oklahoma with 12 rigs each.