Oil Rig Count Reaches 800, Permian Still King: Baker Hughes GE

March 2, 2018

 

The US commercial oil rig count was up for the sixth straight week in Friday figures from Baker Hughes GE, adding one rig overall this past week, bringing the total count to 800 for the first time since 2015.

Its the first time since last June that the rig count has increased for six weeks in a row.

Accumulating exploration has contributed to a crude output totaling more than 10 million barrels a day.

The Permian Basin of Texas and New Mexico remains the hottest region for oil and gas production, with more than half — 434 — of the active wells accounted for.

Natural gas drilling rigs increased by two — three in Oklahoma, two in Pennsylvania, two in Alaska and one in Texas, contrasted with well decreases in North Dakota and Colorado.