The Permian rig count fell in a week when overall activity increased
The number of rigs actively drilling in the United States Rose again in the week ended September 9, with the total rig count climbing 11 to 508, according to information released by Baker Hughes Industries (ticker: BHI). The total rig count is currently 340 rigs (40%) lower than a year ago.
Both oil and gas rig totals were up last week, according to BHI. The number of rigs targeting oil rose seven to 414, while those drilling for gas rose by four to 92 total rigs. Oil and gas rig totals are down 36% and 53%, respectively, from their levels last year.
Source: Baker Hughes Industries
In the past several weeks, much of the increased drilling activity has come from the Permian, where returns in areas like the Delaware Basin continue to attract E&P companies. This week, however, the number of active rigs in the Permian fell by two to 200, 50 fewer than last year. The basins that showed increased drilling activity were the Marcellus, which added two rigs, and the Utica, which added one.
On a state-by-state basis, Louisiana saw the largest increase in drilling activity with eight added rigs this week. The largest decline last week was in Oklahoma, which lowered its count by four to 62 active rigs.
