Houston-based services firm Baker Hughes said in its first weekly report of 2023 that the count of U.S. active drilling rigs declined by the biggest margin in 15 months. The U.S. count fell by 7 rigs to 772 as of Jan. 6 in the previous week. Also, there were 353 rigs in Permian Basin (unchanged in past week), 378 in Texas (up 2 in past week) and 100 in New Mexico (down 2). The U.S. count declined by 11 rigs to 497 in Baker Hughes’ report of Sept. 3, 2021.
Oklahoma dropped 3 rigs, and Louisiana lost 2 to each register 66 rigs with North Dakota fifth with 39 among states. Eagle Ford is No. 2 among regions with 71 rigs followed by Haynesville with 69, Williston with 42 and Marcellus with 38.
Lea County, N.M., is the Permian leader with 64 rigs after a loss of 1 in the past week. Martin, Reeves and Eddy, N.M., have 34 rigs each followed by Midland with 32, Loving with 29 and Howard with 22.
Enverus said EOG Resources begins the year as the most active driller with 30 rigs followed by ConocoPhillips with 29, Occidental with 26, Pioneer with 25, and Mewbourne and Devon each with 23. All added rigs in 2022 except Pioneer, which Enverus said is down 1 from 26 to start the previous year. There were 337 companies running at least 1 rig to start 2023 compared to 277 to start 2022 (65 percent added rigs during 2022, 27 percent unchanged and 8 percent declined).
U.S. Energy Information Administration said Jan. 10 the Brent crude oil price will average $83 per barrel in 2023 – down 22 percent from 2022 – and continue to fall to $78 per barrel in 2024 as global oil inventories build to put downward pressure on crude oil prices. EIA previously estimated Brent in 2023 at $92.30 per barrel.