Economics
Drilling Surge in Permian Drives U.S. Oil Rigs to Record
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Rigs targeting oil in the U.S. surged to a record this week as producers from Concho Resources Inc. to Pioneer Natural Resources Co. boost horizontal drilling in the Permian Basin.
U.S. oil rigs jumped by 13 to 1,443, the highest level since Baker Hughes Inc. separated its oil and gas rig counts in 1987, the Houston-based company said in a weekly report posted on its website today. Rigs drilling horizontally in the Texas-New Mexico formation rose by 10 to 265, the highest level since at least February 2011, while vertical rigs there gained three and the directional count added one.