The U.S. rig count rose by seven in the last week to 766 as of March 16, according to Enverus Rig Analytics.
Activity levels are up 5% in the last month and 64% in the last year. The count was as high as 768 in the last week compared to a peak of 759 the prior week, representing a nine-well peak-to-peak increase.
The largest week-over-week change occurred in the Permian, where the addition of 14 rigs brought the total to 304. On March 11, the count in the basin surpassed 300 for the first time since early April 2020. The play is about 90 rigs away from pre-pandemic levels.
Advance Energy Partners added a rig and is now running three. Exxon added a rig and is running 10 in the play. While Marathon Oil’s increase of one in the last week was attributable to rig downtime the prior week, it has been running two rigs at various points in March. Prior to that, Marathon added a rig in the basin in late January for the first time since May 2020. MCM Operating added a rig for what appears to be its first operated spud on record. Pinon Operating added a rig for the first time since last July. All other additions look to be attributable to time between wells.