The streaks of declining rig counts have reached 12 weeks in the U.S. and 11 weeks each in Texas and Permian Basin as of May 29, according to Houston-based Baker Hughes. There were 148 active rigs in Permian Basin (162 previous week, 452 previous year), 127 rigs in Texas (138 previous week, 480 previous year) […]
In 11 weeks, U.S. loses 475 of 793 rigs (53 percent of decline in Permian)
In its rapid decline in active oil and gas drilling rigs now at 11 weeks, U.S. has lost 475 rigs to fall to 318 rigs as of May 22 from 793 rigs as of March 6. Permian Basin posted a declining rig count in 10 of those 11 weeks to fall from 415 to 162 […]
Old School: The Service Sector Knows What Works
The oil price uptick of the past year or more, welcome as it was, has been slow to penetrate labor-intensive sectors like oilfield service. By Paul Wiseman “Prices back five years ago, six years ago were decent on the pulling unit side, but they went way down and they haven’t come up to where they […]