U.S. ended its streak of 9 straight weeks of increasing counts of oil and gas drilling rigs as of Nov. 20, but Permian Basin extended its streak to 5 straight weeks (and 8 of last 9). Baker Hughes said Permian has 156 rigs (154 last week), Texas has 144 (145 last week), New Mexico has 55 (53 last week) and U.S. has 310 (312 last week). New Mexico was only major producing state to add rigs last week.
Rig counts in other leading regions include Haynesville with 40 (37 last week), Marcellus with 27 (unchanged), Eagle Ford with 20 (unchanged) and Williston with 11 (12 last week). Other leading states include Louisiana with 38 rigs (unchanged), Pennsylvania with 20 (unchanged), Oklahoma with 13 (14 last week) and North Dakota with 11 (unchanged).
Eddy County in New Mexico, Permian Basin’s most active, added 1 rig for a count of 28. Other leaders include Lea County in New Mexico with 27 (up 2 in past week), Midland with 21, Martin with 13, and 12 each in Howard and Reeves.
International Energy Agency said this week China will dethrone U.S. as early as next year as the world’s largest oil refiner. In its plan to reduce refining capacity, Royal Dutch Shell earlier this month shut its Convent refinery in Louisiana, and Bloomberg said four new refineries are underway in China.