Permian Basin leads decline in U.S. oil and gas rig count
The number of U.S. oil and gas drilling rigs fell by eight this week, according to the Baker Hughes rig count, bringing the nation's total down to 805.
The number of U.S. oil and gas drilling rigs fell by eight this week, according to the Baker Hughes rig count, bringing the nation's total down to 805.
The number of active drilling rigs in the United States dipped just ahead of the holidays, a time when exploration and production companies traditionally start to wind down activity.
The total number of oil and gas rigs in the U.S. fell by nine last week, data from Baker Hughes, an oilfield services company, reported.
Texas lost five rigs drilling for oil and gas this week, leading the nationwide decline of eight active drilling rigs.
The number rigs actively drilling for oil spiked yet again in the booming Permian Basin, but not in Texas.
The US's overall drilling rig activity remained flat this week, but that included a jump in oil drilling offset by a drop in natural gas development.
The booming Permian Basin in West Texas is continuing to add new rigs, but active drilling is falling almost everywhere else in the country, including in South Texas' Eagle Ford shale that was hit by Hurricane Harvey.
The international offshore rig count for May 2017 was up by one on last month, but fell by 27 compared to the same period last year, according to Baker Hughes' monthly rig count.
Baker Hughes latest weekly rig count has seen US rigs drop to 698 rigs, two less than the previous week and confirming one of the worst years in a generation for the US rig market.