For the first time since March, Permian Basin, Texas, New Mexico and U.S. each posted an increase in rig counts in Baker Hughes’ weekly report of Aug. 21. U.S. added rigs for the first time since March 6 – up 10 in the past week to 254 (from 2020 low of 244). Permian Basin added 10 to 127 (from 2020 low of 117), Texas added 8 to 108 (from 2020 low of 100), and New Mexico added 2 to 47 (from 2020 low of 45). Houston Chronicle said the gains are “a sign that the historic oil industry downturn caused by the coronavirus pandemic has hit bottom and is slowly recovering… Many energy companies are restarting oil and gas production as crude prices have climbed above $40 a barrel.”
Drillinginfo by Enverus said Aug. 20 that rig count for ExxonMobil, the most active operator in Permian, is down 23 percent since July 5 to 20 rigs. Eddy County, N.M., remains most active among Permian counties with 27 rigs (up 1 in past week) followed by Martin County with 21 (up 1), Lea County, N.M., with 20, and Loving and Midland with 13 each.
Louisiana remains third among states with 32 rigs followed by Pennsylvania with 18, Oklahoma with 11 and North Dakota with 10. Haynesville remains runner-up among regions with 32 rigs followed by Marcellus with 26, Williston with 10 and Eagle Ford now below double digits with 9 rigs.