Baker Hughes reported declines in drilling rig counts in Permian Basin for the second straight week and in U.S. for the fourth straight week. In the weekly report of March 10, there were 343 rigs in Permian (349 week ago, 316 year ago) and 746 rigs in U.S. (749 week ago, 663 year ago). Also, there were 366 rigs in Texas (unchanged in past week, 320 year ago) and 103 in New Mexico (106 week ago, 98 year ago).
Enverus said March 9, “The U.S. rig count is on a downward trajectory this year.”
Year to date, rig count is down 2.8 percent in Permian from 353, down 2.7 percent in Texas from 376, and down 4.2 percent in U.S. from 779. New Mexico’s count is up 1 rig since starting 2023 with 102 rigs.
Eagle Ford in south Texas is runner-up among regions with 72 rigs (71 week ago, 56 year ago) followed by Haynesville with 67 (unchanged in past week), Williston with 42 (unchanged in past week) and Marcellus with 35 (down 1 in past week). Oklahoma is No. 3 among states with 61 rigs (unchanged in past week) followed by Louisiana with 59 (down 3 in past week) and North Dakota with 41 (unchanged in past week).
Permian leaders Lea County, N.M., (down 2 to 55) and Eddy, N.M., (down 1 to 46) both reported declines in rig count in the past week. Martin (up 1 to 39) and Reeves (up 3 to 38) both reported additional rigs. Other basin leaders include Loving with 28 (down 2), Midland with 26 (up 2), and Howard (unchanged) and Upton (up 2) each with 20 rigs.