Permian Operators Idle 37 Rigs

Operators in the US Permian basin of Texas and New Mexico idled 37 rigs in the week ended April 24, part of a broader drop of 64 rigs across North America, Baker Hughes said April 24 in its regular weekly survey of active rigs.

The number of active rigs in the US fell to 465 from 529 in the week ago survey. Canadian active rigs fell by four, to 26 from 30, as four gas rigs were racked against one new active oil rig; less than 5% of the Canadian rig fleet is currently active, according to Canadian Association of Oilwell Drilling Contractor statistics.

In the Permian basin, 246 active rigs were counted, down from 283 rigs in last week’s survey. It’s the lowest Permian count in more than three years, matching the 246 rigs counted in the week ended December 9, 2016.

Across the US, the active oil rig count fell by 60, to 378 from 438, while 85 gas rigs were active, down from 89 a week ago.