After two weeks of increases in Baker Hughes’ counts of active drilling rigs, the counts in Permian Basin, New Mexico and U.S. declined in the weekly report for March 31. And the U.S. count marked its first decline in a quarter since 2020Q3 after increasing for 9 consecutive quarters. As of March 31, there were 352 rigs in Permian Basin (353 previous week, 323 year ago), 376 in Texas (372 previous week, 331 year ago), 104 in New Mexico (108 previous week, 96 year ago) and 755 in U.S. (758 previous week, 673 year ago).
U.S. count is down 24 rigs (3.1 percent) for Q1 after starting the year with 779 rigs. Also in Q1, rig counts are down 1 in Permian, flat in Texas and up 2 in New Mexico. Oil-directed rigs are down 29 (4.7 percent) in Q1 from 621 to 592. U.S. began 2019 (before the global pandemic) with 1,083 rigs.
According to OilPrice.com, the frac spread count from Primary Vision showed 290 crews completing unfinished wells as of March 24 – up 18 in past month and up 20 in past year.
Eddy County, N.M., returned to the top in Permian Basin count with 54 rigs (up 1 in past week) after Lea County, N.M., declined by 5 rigs in the past week to 49. Other Permian leaders include Reeves at 42 (up 4), Martin with 40 (down 2), Midland (down 1) and Loving (up 1) each with 27, and Howard (up 1) and Upton (unchanged) each with 19.
Eagle Ford in south Texas remains No. 2 among regions with 70 rigs (unchanged in past week, up 14 in past year) followed by Haynesville with 66 (down 1 in past week), Williston with 42 (unchanged) and Marcellus with 40 (unchanged). Oklahoma is No. 3 among states with 59 rigs (down 2 in past week) followed by Louisiana with 57 (down 1) and North Dakota with 41 (unchanged).