Rig count in Permian Basin declined last week for the fifth time in the past seven weeks, according to Baker Hughes, as WTI fell below $85 for the first time since January. As of Sept. 2, there were 342 rigs in Permian Basin – down 6 in the past week, but up 92 in the past year. High for the year in Permian was 351 rigs as of July 29 after starting the year with 293 rigs. Also as of Sept. 2, there were 362 rigs in Texas (371 previous week, 232 year ago), 108 in New Mexico (106 previous week, 82 year ago) and 760 in U.S. (765 previous week, 497 year ago). Texas started the year with 277 rigs before the price of oil reached a 14-year high.
Oklahoma and Louisiana each has 65 rigs (both unchanged in past week), and North Dakota is No. 5 with 39 (up 2). Eagle Ford and Haynesville each has 71 rigs (each up 1 in past week) followed by Williston with 41 and Marcellus with 35.
Lea County, N.M., leads Permian with 64 rigs (unchanged in past week) followed by Eddy, N.M., with 41 (up 2), Martin with 34 (unchanged), and Midland (down 1) and Reeves (up 1) each with 33 rigs.