Rig counts in first quarter were up 8.7 percent in Permian Basin, 17.7 percent in Texas and 14.3 percent in U.S. Baker Hughes said as of March 25 there were 319 rigs in Permian (316 week ago, 221 year ago), 326 in Texas (320 week ago, 205 year ago), 96 in New Mexico (97 week ago, 67 year ago), and 670 in U.S. (663 week ago, 417 year ago). Texas’ gain of 6 rigs was biggest in U.S. last week.
Lea County, N.M., leads Permian with 56 rigs followed by Eddy, N.M., with 36, Martin with 32, Midland with 31 and Loving with 25. Louisiana remains No. 3 among states with 60 rigs followed by Oklahoma with 49 and North Dakota with 33. And Haynesville remains No. 2 among regions with 67 rigs followed by Eagle Ford with 56, Marcellus with 36 and Williston with 34.
U.S. Energy Information Administration said Monday that U.S. exports of LNG set a record in 2021 by averaging 9.7 billion cubic feet per day. U.S. LNG exports increased by 50 percent from 2020 driven by increased demand in Europe and Asia, especially China, and by U.S. expanding liquefaction capacity.
Reuters reported Monday that U.S. oil exports have increased since Russia’s invasion of Ukraine. Barrels of domestic oil that typically would go to the storage hub in Cushing, Okla., instead are being exported via the Gulf Coast. Buyers worldwide are looking to source oil wherever they can, Reuters said, and exports have risen from U.S., the world’s largest crude producer, to 3.8 million b/d for the week of March 18 – highest since July 2021. Cushing stockpiles currently are 25.2 million barrels – just off a four-year low reached in early March. Worldwide demand has risen to nearly pre-pandemic levels, but supply has been hindered.