U.S. oil and gas operators dropped 12 more drilling rigs in the past week, according to the Sept. 13 report from Baker Hughes, for a new total of 886 rigs – the lowest total since May 2017. The count is down 169 units from 1,055 active rigs a year ago. Texas lost 8 rigs in the past week down to 430 (525 a year ago), and Permian Basin also dropped 8 rigs down to 419 (483 a year ago). Reeves County added a rig to increase to 59, and other Permian leaders are Lea, N.M., with 55 rigs (up 2 in past week), Eddy, N.M., with 48 (down 2), Midland with 43 (down 4), Martin with 37 (unchanged), Loving with 35 (up 4), Howard with 25 (up 3) and Upton with 20 (down 1).
New Mexico remained at 108 rigs for the third straight week (99 last year) as the No. 2 state followed by Oklahoma with 76 (75 last week, 139 last year), Louisiana with 58 (60 last week, 61 last year) and North Dakota with 55 (54 last week, 54 last year). Eagle Ford remains the No. 2 region with 66 rigs (67 last week, 78 last year) followed by Williston with 55 (54 last week, 54 last year), and Haynesville and Marcellus each with 50 rigs. It was the sixth straight week of declining rig counts in Texas and fifth in Permian Basin.