Rig Count Drops to Below 1,000 for First Time in a Year

The nation’s active rig count fell below 1,000 for the first time in more than a year, with Texas experiencing a large dip in drilling activity. The overall country plunged to 911 rigs, the fewest since March 2018, and the U.S. lost 21 rigs during the week of April 22, according to weekly data compiled by Baker Hughes, a GE Company. Texas lost a total of nine rigs in the same period.

Texas has experienced a net loss of about 50 rigs in the past six months, while the U.S. fell by 90 rigs since late 2018. Texas is home to 491 active rigs, with the Permian Basin accounting for 460 of those rigs. Pipeline shortages in West Texas mean companies continue drilling Permian wells, while leaving more uncompleted until new pipelines are finished.

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