U.S. count of active oil and gas rigs fell for the fifth straight week to a record low, according to June 5 report from Baker Hughes. There were 284 rigs in U.S. as of June 5 – an all-time low, Reuters said, according to records dating back to 1940 – compared to 301 rigs a week ago and 975 a year ago. That’s down 6 percent in the past week and 71 percent in the past year.
Texas had 115 rigs (127 a week ago, 473 a year ago), and Permian Basin had 141 rigs (148 a week ago, 446 a year ago). New Mexico dropped 3 rigs in past week to 58 (101 a year ago). Eddy County, N.M., remains the most active county with 36 rigs (down 3 in past week), and Lea, N.M., is runner-up with 22. Other basin leaders include Midland (18), Loving (12), Howard (10) and Martin (10).
Rig counts in other leading states include Louisiana (34), Pennsylvania (20), North Dakota (12) and Oklahoma (11). Rig counts in other leading regions include Haynesville (31), Marcellus (28), Eagle Ford (13) and Williston (12).
It was the 13th consecutive week for a declining rig count in U.S. and 12th in both Texas and Permian Basin.
U.S. Department of Energy said last week that in 2019 Canada accounted for 56 percent of all crude oil imports to the U.S. Canada also remains the largest destination for U.S. crude oil exports – 459,000 b/d.