Permian still on the rise

Permian Tops U.S. in Production, Rig Count

Permian basin not slowing down. Chart: EIA.

The Permian basin now holds nearly as many active oil rigs as the rest of the United States combined, including both onshore and offshore rigs, according to the EIA. The agency projects that crude oil production from the Permian will increase for a third consecutive month in its upcoming reporting period.

Last Friday’s rig count release from Baker Hughes (ticker: BHI) put the Permian basin rig count at 218 active rigs—27 vertical, 191 horizontal, 31 of those drilling in New Mexico, 187 drilling in Texas, with 100% of the rigs drilling for oil.

Permian Tops U.S. in Production, Rig Count

Baker Hughes reports 218 active oil rigs drilling in the Permian basin on Nov. 11, 2016. Source: BHI

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