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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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Trends continue in Permian’s most active counties, Lea and Eddy

February 23, 2023 by PBOG

Rig count in Lea County, N.M., declined for the third straight week as of Feb. 17 while the count in Eddy County, N.M., increased for the fourth straight week, according to Baker Hughes.  They are the two most active counties in Permian Basin.  Lea continues to lead with 58 rigs (down 3 in past week), and Eddy was up 2 in past week to 47.  Other Permian leaders include Martin with 40 (up 1), Reeves with 34 (up 1), Loving with 29 (up 1), Midland with 24 (down 4), Howard with 22 (unchanged) and Upton with 17 (unchanged).

Permian’s count of 352 and Texas’ count of 370 were unchanged in the past week while New Mexico was down 1 to 108 and U.S. was down 1 to 761.  Only New Mexico among those four is up in rig count this year.

Oklahoma (up 1) and Louisiana (down 2) each has 64 rigs, and North Dakota is unchanged with 41.  Eagle Ford is No. 2 among regions with 71 (unchanged) followed closely by Haynesville with 70 (unchanged), Williston with 42 (unchanged) and Marcellus with 36 (unchanged).  Oklahoma and Wyoming were the only states to add rigs last week.

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