Permian Basin added crude oil and natural gas drilling rigs for the 10th straight week, and U.S. added 13 rigs in the past week for its biggest gain since January 2020, according to the April 1 report from Baker Hughes. Permian has 224 rigs (up 3 in past week), Texas has 209 rigs (up 4 in past week), and New Mexico has 70 rigs (up 3 in past week). Baker Hughes said there are 430 rigs in U.S.
Bloomberg said, “Oil drilling expanded in the U.S. at its fastest pace since the start of the pandemic amid rising prices and an increasingly optimistic demand outlook… Explorers are gaining confidence this year’s 25 percent runup in prices is here to stay after the U.S. benchmark crude WTI averaged more than $60 a barrel in March – the first calendar month above that threshold since May 2019.”
New Mexico counties Lea with 44 rigs (up 4) and Eddy with 26 rigs (down 1) remain the most active in Permian Basin followed by Midland with 24 (down 1), Howard with 21 (unchanged for the week), Reeves with 20 (down 1), Martin with 19 (up 2), Loving with 15 (down 1) and Upton with 11 (unchanged).
Haynesville remains second among regions with 44 rigs (down 1 in past week) followed by Eagle Ford in south Texas with 33 rigs (up 2), Marcellus with 30, Williston with 14 and Cana Woodford with 12. Louisiana remains third among states with 47 rigs (up 1) followed by Oklahoma and Pennsylvania with 19 each.