US Rig Count Drops by Five to 788

The number of oil and gas rigs active in the U.S. field decreased by five over the past week to reach a total of 788.

Although its rig count is flat for the week, the Permian Basin leads the way with 304 active rigs. Eddy County in New Mexico has experienced a jump in drilling activity with the addition of 23 rigs in recent months. It now has 43 operating rigs. Lea County in New Mexico has 46 operating rigs although it has shown little change in the last year. Midland County leads the Texas side of the Permian Basin with a total of 42 rigs, including the addition of 10 over the past few months. Nine operators are working 10 or more rigs in the Permian Basin. Leading the way is Pioneer Natural Resources and EOG.

The Anadarko Basin rig count rose by one to 67. The most active counties are Grady, Canadian and Stephens, all in Oklahoma. The most active operators are Continental Resources and Hinkle Oil & Gas.

Continental Resources favors the Williston Basin play as it has twice as many rigs running as its next most active peer. Continental is operating six rigs there, followed by Hess and Whiting Petroleum which have three each. The Williston Basin rig count is up by two in the last week. It holds 40 active rigs with most located in North Dakota’s McKenzie, Williams and Dunn counties.

The Appalachian Basin area is down by one rig in the past week, with a total of 54 rigs. Oklahoma City-based Chesapeake Energy operates four rigs there along with Ascent Resources Utica, EQT Corp. and Tug Hill Operating. The most active counties are Marshall County, West Virginia and Susquehanna County, Pennsylvania with five rigs each per county.

The Eagle Ford Basin count was flat but maintains 98 active rigs. The most active operators include ConocoPhillips, BP and EOG Resources. Webb County, Texas is the most active county, with 12 active rigs. DeWitt County has nine active rigs.

The DJ Basin added a rig last week for a total of 18. Weld County, Colorado is the most active county with 10 rigs. With its recent acquisition of Great Western Petroleum, PDC Energy is the most active operator at five rigs. Civitas Resources operates three rigs in the DJ Basin.

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