Published: January 6, 2025 |

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Oilfield services firm Baker Hughes said Friday its weekly U.S. rig count was at 589 rigs for a fourth consecutive week. That’s down 32 rigs or 5 percent from 621 rigs counted last year. Baker Hughes’ rig count fell 5 percent in 2024 following a 20 percent plunge in 2023.

The number of rigs drilling for crude oil slipped one rig during the week to 482, down 19 rigs from 501 last January. The number of rigs seeking natural gas rose one rig to 103, still down 15 rigs from 118 drilling for natural gas last year.

Texas bucked the national trend by adding a rig during the week, reporting 285 rigs at work statewide, down 23 rigs or 7 percent from 308 last year. New Mexico was unchanged at 103 rigs. Louisiana was the only other major producing state to see a change, declining one rig for the week.

The Permian Basin was unchanged at 304 rigs active across the region, seven rigs or 2 percent below the 311 tallied last year.

Eddy County, New Mexico, remains the most active county in the Permian Basin with 53 rigs, down one for the week. Lea County, New Mexico added a rig for 47 rigs during the week.

Midland County was unchanged at 30 rigs — 27 horizontal rigs, two vertical rigs and one directional rig, all drilling for oil. Reeves County was likewise unchanged at 28 rigs and Martin County remained at 27 rigs. Loving County was unchanged at 21 rigs, Upton County stayed at 13 rigs, and Reagan County was unchanged at 11 rigs.

Energy-dedicated software-as-a-service firm Enverus said its U.S. rig count fell 11 rigs for the week ended Dec. 27 to 555 rigs. That’s down 70 rigs or 11 percent from 625 a year earlier. The number of rigs drilling for oil also fell 11 rigs to 141 for the week, down 228 rigs or 62 percent from 369 rigs the previous December. The number of rigs drilling for natural gas was down three rigs to 83 and is down 55 rigs or 40 percent from 138 last year.

ExxonMobil continues to lead the top ten public companies by rig count with 35 rigs, down one for the week. ConocoPhillips remains in second, unchanged at 34 rigs, and Occidental Petroleum was also unchanged at 30 rigs.

Enverus’ Permian Basin rig count jumped four rigs to 287 rigs for the week ended Dec. 27, down 20 rigs or 7 percent from 307 rigs last year. The most active play, the Delaware Basin, climbed four rigs to 168 rigs for the week, unchanged from a year earlier. The Midland Basin was little changed at 103 rigs for the week, down 15 rigs or 13 percent from the previous December.

Looking at trailing 30-day drilling permits, Enverus reported the Permian had 796 drilling permits as of the week ended Dec. 13, up exactly 100 from 696 the previous week and from 674 a year earlier. Enverus also reported the Permian had 107 frac crews as of the week ended Dec. 13, up from 100 the previous week but down from 126 the previous year.

Source: Midland Reporter

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