Drilling activity continued its downward trend, falling for a second consecutive week.
Oilfield services firm Baker Hughes said Friday its weekly rig count dropped by six rigs to 578, the lowest level since January and 25 rigs or 4% below the 603 rigs active last year.
The number of rigs drilling for crude was down five to 474, the lowest level since January and 22 rigs or 4% below the 496 seeking crude oil last May. The number of rigs was unchanged at 101 rigs and is down two rigs or 2% from 103 last year.
Texas bucked the national trend, gaining two rigs to see 273 at work statewide but down 16 rigs or 6% from 289 last year. New Mexico saw the steepest decline among producing states, down four rigs to 96. Utah (1) joined Texas in seeing a gain, while Louisiana (3) and Wyoming (2) joined New Mexico in seeing declines.
The Permian Basin was down two rigs to 285 at work in the region, the lowest level since December 2021 and down 29 rigs or 9% from 314 rigs reported last year.
Eddy County, New Mexico, remains the most active county in the Permian with 50 rigs, down one for the week. Lea County, New Mexico, remains in second with 43 rigs, down three rigs and the sharpest decline among Permian Basin counties for the week.
Reeves County was unchanged at 28 rigs. Martin County gained two rigs for 27 rigs at work within county lines. Midland County reported 23 rigs for a second consecutive week. Loving County was unchanged at 21 rigs. Upton County had 16 rigs for a second week. Reagan County saw the biggest gain among Permian Basin counties, jumping three rigs to 11 rigs for the week. Ward County was unchanged at 10 rigs.
Hockley and Schleicher counties each saw renewed activity with one rig each. Mitchell and Scurry counties saw no activity as each lost their one rig during the week.
Energy-dedicated software-as-a-service firm Enverus said its U.S. rig count sank by 18 rigs to 587 for the week ended May 2. That’s down five rigs or 1% from 592 last year. The number of rigs drilling for crude oil fell by six rigs to 159 and is down 210 rigs or 57% from 369 rigs last year. The number of rigs drilling for natural gas was down by three rigs to 95 and is down 26 rigs or 21% from 120 last year.
ExxonMobil remains the most active by rig count among the top 10 producers with 36 rigs, unchanged for the week ended May 2. Occidental Petroleum was down one rig to 30, and ConocoPhillips was likewise down a rig to 28.
Enverus said the Permian had 290 rigs as of the week ended May 2, down four rigs for the week and down seven rigs or 2% from 297 last year. The most active play, the Delaware, was little changed at 164 rigs, up five rigs from 159 last year. The Midland was little changed at 105 rigs, down 12 rigs or 10% from 117 last year.
Looking at trailing 30-day drilling permits, Enverus said the Permian had 702 permits as of the week ended April 18, up from 678 the previous week and 628 a year earlier. Enverus also reported the Permian had 111 frac crews at work in the region as of the week ended April 18, up from 107 the previous week and 108 a year ago.