Rig counts in Permian Basin, Texas and U.S. continue their decline, according to the weekly report of May 19 by Baker Hughes. And for the first time this year the U.S. count of 720 trails the count of a year ago (728) – and down 11 rigs from the previous week’s count of 731. Last week 16 of the 17 rigs lost were natural gas; this week all 11 rigs lost were crude oil. As of May 19, there were 349 rigs in Permian Basin (353 previous week, 343 a year ago) and 357 in Texas (366 previous week, 357 a year ago). New Mexico added a rig last week (108 previous week, 98 a year ago).
Texas saw the largest drop (down 9) among major producing states in the past week.
Eddy County, N.M., regained leadership in Permian Basin with 55 rigs after adding 2. Lea, N.M., is runner-up with 53 after a loss of 2 rigs last week. Other Permian leaders include Martin with 43 (up 1), Reeves with 39 (down 4 for the week’s biggest loss), Midland with 32 (down 1), Loving with 27 (up 1), Upton with 15 (unchanged), Ward with 13 (up 1), Howard with 12 (unchanged), and Andrews and Reagan each with 11.
Eagle Ford lost 3 rigs in the past week but remains runner-up among regions with 59 followed by Haynesville with 57, Marcellus with 39 and Williston with 38 – all three unchanged in the past week. Louisiana is No. 3 among states with 56 (down 1) followed by Oklahoma with 51 (unchanged) and North Dakota with 37 (unchanged).