US Drillers Add Rigs for Second Consecutive Week
The United States added three oil rigs and dropped one gas rig for a net gain of two rigs this week, according to weekly data from Baker Hughes, a GE Company.
The activity puts the nation’s weekly rig count total at 1,051 – higher than 975 count one year ago.
Louisiana saw the largest gain this week, with the addition of four rigs. Wyoming added three rigs while Alaska, California and Virginia added one rig each.
The following states saw rig declines this week: Pennsylvania (-3), Texas (-2), New Mexico (-2), North Dakota (-1) and Oklahoma (-1).
Among the major basins, the Permian dropped a total of five rigs this week bringing the total to 473, but still accounting for more than half of the nation’s oil rigs.
Earlier this week, the U.S. Energy Information Administration (EIA) forecasted that the nation’s crude oil production would average 12.4 million barrels per day in 2019 and 13.2 million barrels per day in 2020. The EIA projects the bulk of the production growth will come from the Permian.
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Senior Editor | Rigzone