New Mexico reaches all-time high
Drilling activity increased this week, partially reversing last week’s decline according to the latest edition of Baker Hughes Rig Count.

A net nine rigs came online in the week, bringing the national total to 1,059. This is the largest in over two months, but only partly offsets the 25-rig drop seen last week.

Nine land-based rigs started operations in the week, while one inland waters rig shut down and one offshore rig came online. Land-based rigs account for the vast majority of the current rig count, as there are only one inland waters and 20 offshore rigs currently active.

Drilling shifted strongly in favor of oil targets, as ten such rigs came online while one gas-targeting rig shut down in the week...

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