U.S. count of active oil and gas drilling rigs fell for the 10th consecutive week as of May 15 to 339 – the lowest on record since Houston-based Baker Hughes began reporting data in 1987. U.S. counts were 374 previous week and 987 previous year. U.S. oil-directed rigs fell by 34 in the past week […]
EOG Resources to reduce 2020 drilling, production forecast
Houston-based EOG Resources, in its May 7 announcement of first quarter results, said it reduced rigs in the last six weeks from 36 to 8 and will have an average of 6 rigs for the remainder of 2020. EOG in 2020 will focus drilling in Permian Basin and Eagle Ford, produce about 390,000 b/d of […]
“Full-on retreat” in U.S. rig count, but New Mexico reverses decline
The streak of declining rig counts reached nine weeks in the U.S. in Baker Hughes’ weekly report of May 8, but New Mexico ended its streak at seven weeks. U.S. lost 34 more rigs in the previous week for a new total of 374 (988 a year ago). The U.S. count is down 62 percent […]
U.S. idles 385 of 793 rigs (49 percent) during 8 straight weeks of decline
During the eight-week decline in count of active oil and gas drilling rigs, U.S. operators have idled 385 rigs to fall from 793 rigs to 408 in Baker Hughes’ report of May 1. There have been seven-week declines in Permian Basin (down 199 rigs from 418 to 219), Texas (down 207 rigs from 408 to […]
Eddy (41 rigs), Midland (31) lead Permian Basin count from Baker Hughes
Midland County replaced Lea County, N.M., as Permian Basin’s No. 2 county in the April 24 rig count from Baker Hughes. Midland’s count was unchanged from the previous week with 31 rigs while Lea idled 9 rigs to fall to 29. Eddy County, N.M., remains the leader with 41 rigs. Other basin rig counts include […]
More permits filed at RRC for wells that target only natural gas
Twenty-five companies filed 69 drilling permits the week of April 15-21 with Railroad Commission of Texas, but Houston Chronicle said that included a record 12 percent for wells that produce only natural gas. Sabine Oil & Gas and Trinity Operating plan to drill six gas wells in Haynesville, and French oil major Total and JBL […]
Permian Basin idles 32 percent of rigs in past five weeks
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 […]
Texas Petro Index climbs to 213.2; rig counts, production, employment up
Karr Ingham’s Texas Petro Index increased for the second consecutive month to 213.2 in February from 212.5 in January. The index had declined the two previous months from 213.3 in October to 212.4 in November and 212.2 in December. The index by Ingham, petroleum economist from Amarillo, is based on a comprehensive set of economic […]