The Permian Basin in Texas has largely deflected the statistical brunt of declining U.S. rig counts but the state continues to see rigs, permits and completions plummet, the Texas Railroad Commission (RRC) said April 8.
The commission issued 45% fewer original drilling permits in March compared to the same time in 2015—permitting fell to 511 compared to 923 in March 2015.
The commission also permitted re-entry of five well bores and recompletion of 99 wells in March 2016. The permits included 129 oil wells, 30 gas wells, 312 oil or gas wells, 30 injection and 10 other permits.
Through 2016, well completions are 3,452—down from 5,946 recorded during the same period in 2015, the RRC said.
Baker Hughes Inc. (NYSE: BHI) said April 7 that the U.S. rig count for March was 478, down 54 from the 532 counted in February. Quarter to date, the count is down 237 rigs.
By sheer numbers, the Permian and Eagle Ford regions have been hardest hit by the downturn in Texas and overall rigs are down 75% since 2014.
Darren Barbee can be reached at dbarbee@hartenergy.com.
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