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Permian Basin Oil and Gas Magazine

PBOG is the Official Publication of the Permian Basin Petroleum Association and is published monthly by Zachry Publications, LP.

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Permian Basin idles 32 percent of rigs in past five weeks

April 24, 2020 by PBOG

In the past five weeks, according to Baker Hughes’ reports, there have been 135 rigs idled in Permian Basin (down 32.3 percent from six weeks earlier March 13), 146 in Texas (down 35.8 percent), 33 in New Mexico (down 28.2 percent) and 263 in U.S. (down 33.2 percent). As of April 17 there were 283 rigs in Permian Basin (316 week ago, 463 year ago), 262 rigs in Texas (302 week ago, 500 year ago), 84 rigs in New Mexico (93 week ago, 105 year ago) and 529 in U.S. (602 week ago, 1,012 year ago).
Enverus drillinginfo.com said April 22 working storage capacity in Cushing, Okla., is more than 75 percent full and added, “Most remaining capacity there is likely already spoken for… With Cushing likely to hit tank tops in early May, mass shut-ins are beginning to materialize across the U.S. and western Canada.”
Ben Sheppard, president of Permian Basin Petroleum Association, told New York Times reporter Clifford Krauss, “I’m just living a nightmare.”
Rig counts for other leading states as of April 17, according to Baker Hughes, were 41 in Louisiana (63 year ago), 34 in North Dakota (61 year ago), 25 in Pennsylvania (44 year ago) and 24 in Oklahoma (102 year ago). And in other leading regions there were 42 rigs in Eagle Ford (77 year ago), 35 in Haynesville (54 year ago), 35 in Marcellus (62 year ago) and 34 in Williston (61 year ago).

Filed Under: Featured Article, PBOG Newsletter, PBPA, Rig Count Reports Tagged With: Oil and Gas, PBPA, permian basin, rig counts

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