Rig counts hold steady

Feb 25, 2020

Midland Reporter-Telegram | February 14, 2020

The nation’s rig count held steady this week, according to the weekly rig count issued by oilfield services company Baker Hughes.

The U.S. rig count was unchanged at 790 rigs and remains near three-year lows. The count is similar to the numbers Baker Hughes reported in March 2017.

Texas saw its rig count rise three to 397, still roughly half the nation’s total. The Permian Basin also added three rigs, to 408, and continues to account for about 60 percent of the nation’s oil drilling activity.

New Mexico joined Texas as the only producing state with a rig count gain, rising one to 113 rigs.

Eddy County, New Mexico, remains the most active county in the Permian Basin, gaining two rigs to 59 this week. Lea County, New Mexico, followed, though it lost one rig for a total of 53.

Midland County remains in third place, adding one rig to stand at 44. Reeves County remains the fourth most active with 40 rigs, unchanged from the previous week.

Martin County added a rig for 38, and Loving County lost one rig, bringing its count to 32. Howard County’s rig count was unchanged at 30. Ward County added one and stands at 20 rigs. Reagan County added one rig for a total of 16, while Pecos County dropped one rig to 15. Culberson County remained unchanged at 13, and Upton County was down one rig to 12.