The continued ramp up in the Permian basis comes as no surprise this week, as the area absorbed most of this week’s rig count gains. The Permian saw an increase of 12 rigs this week, the majority of the 15 total rigs gained in the U.S. Totals now reach 839, almost double last year’s total at this time of 443.
This week was the twelfth straight week of rig count increases. Ten of the new rigs are exploring for oil, while five of the new rigs are exploring for gas.
Below is a breakout of variances by region. Data is taken from Baker Hughes’ weekly rig count report.
|Basin||Current||Variance (+/-)||Last Week|