Permian Basin added rigs last week for the first time since March to break a streak of 18 consecutive weeks with declining rig counts. Permian added 2 rigs for a new total of 126 (443 year ago). According to Baker Hughes, as of July 24, Texas idled 1 rig for a new total of 103 (454 year ago), and New Mexico was the only major producing state to add a rig (up 1 in past week to 51, 109 year ago). It was the third consecutive week for New Mexico to add 1 rig. Across the U.S., there are now 251 rigs (253 previous week, 946 previous year). It was the 20th straight week for a declining U.S. count. U.S. added 1 oil-directed rig for the first time since March after 18 conseutive weeks of declines (181 now, 776 year ago).
Eddy County (unchanged in past week with 29 rigs) and Lea County (up 1 to 22) lead Permian Basin followed by Loving and Midland with 13 each, Martin with 12 and Reeves with 11 (up 3 in past week).
Ed Longanecker, president of Texas Independent Producers and Royalty Owners Association, told Midland Reporter Telegram, “With improving market conditions, we should see a modest uptick in rig count and exploration activity from the more efficient west Texas operators in the coming months.”
Third among states in rig count as of July 24 was Louisiana (30), and second among regions was Haynesville (32) in east Texas and north Louisiana. Other leading states were Pennsylvania with 20 and Oklahoma and North Dakota with 10 each. Other leading regions were Marcellus with 25, Eagle Ford in south Texas with 12 and Williston with 10.