| Permian Basin Rig Count Is the Lowest since May 2010 | |
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Week Ending May 1: US Rig Count Is the Lowest since June 2009 (Part 4 of 10) (Continued from Part 3) Comparing the Permian rig counts with others
Currently, there are 679 working oil rigs in the US. The Permian Basin has 235 of these rigs—more than any other region. The Eagle Ford Shale has 91 active oil rigs, the Williston Basin has 80, and the Mississippian Lime has 25.
Last week, the Permian Basin’s oil rig count fell by four—compared to the previous week’s count. This marks 21 consecutive weeks that the rig count declined in the Permian Basin. It was an ~3% decline from the previous week. Overall, the weekly US crude oil rig count was also down ~3%.
The steep fall in the Permian Basin rig count suggests that producers operating in this region are slowing the drilling activity. This should decrease production growth. It could even decrease production. RSP Permian (RSPP), Concho Resources (CXO), and SM Energy (SM) are upstream producers operating in the Permian Basin. RSP Permian forms 1.16% of the SPDR S&P Oil & Gas Exploration & Production ETF (XOP). Concho Resources accounts for 0.85% of the iShares US Energy (IYE).
One-year rig count comparison
In the past year, the number of active oil rigs in the Permian Basin declined by 302. The Permian Basin rig count is now at the lowest level since May 2010.
The Williston Basin lost 103 oil rigs in the past year. The Williston Basin includes the Bakken Shale—one of the most prolific crude oil shale plays in the US. The Eagle Ford Shale in south Texas lost 118 oil rigs. The Cana-Woodford Shale in Oklahoma’s Anadarko Basin added 17 oil rigs.
The Permian Basin
The Permian Basin is a combination of the Midland Basin and the Delaware Basin in western Texas and southern New Mexico. According to the EIA (U.S. Energy Information Administration), the Permian Basin produces the most crude oil in the US.
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Concho Resources Inc.
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CODE : CXO |
ISIN : US20605P1012 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Concho Resources is a exploration company based in United states of america. Concho Resources is listed in United States of America. Its market capitalisation is US$ 9.6 billions as of today (€ 7.9 billions). Its stock quote reached its highest recent level on July 05, 2019 at US$ 99.97, and its lowest recent point on January 15, 2021 at US$ 65.60. Concho Resources has 146 059 000 shares outstanding. |