Permian Oil Drillers Bounce Back with Biggest Rig Hike This Year

Explorers in the world’s biggest shale patch are roaring back, putting an additional 10 rigs to work this week for the biggest jump in activity since a price crash triggered an unprecedented collapse in drilling.

Drillers in the Permian Basin of West Texas and New Mexico led the rest of the nation in expanding the rig count. With crude stabilizing above $40 a barrel, the total number of active U.S. oil rigs rose by 11 to 183 this week, according to Baker Hughes Co. data released Friday.

The increase in the Permian was the biggest since December. But despite the jump, overall drilling is still mired at levels not seen since the early days of the shale boom more than a decade ago.

Drillers expanded the rig count for a second time since March

Halliburton Co., the world’s biggest fracking provider, expects the worst-ever slump in oil exploration to end soon.

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The post Permian Oil Drillers Bounce Back with Biggest Rig Hike This Year appeared first on The Global Warming Policy Forum (GWPF).

via The Global Warming Policy Forum (GWPF)

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August 23, 2020 at 03:56AM

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