In the News

Oil and Gas Update - June 2015

June 1, 2015

The U.S. drilling rig count dropped to 875 at the end of May, its lowest level since 2009. That’s down by 991 from a year earlier.

The number of rigs at work in Texas continued its drop, too. The count at the end of May was 369, down from 894 a year earlier, according to Baker Hughes. Still, Texas has 44 percent of the nation’s rigs at work.

Despite the drop in drilling, Texas production remains above 3 million barrels a day. The drop-off in new drilling that started last November is expected to begin impacting production soon as output from older shale wells starts to slide.

Two of the most active drilling areas in the country still remain the Permian Basin in West Texas and the Eagle Ford Shale field in South Texas.