Permian Oil Drillers Bounce Back with Biggest Rig Hike This Year
- Number of active U.S. oil rigs up by 11 to 183: Baker Hughes
- Count is rebounding from lowest since before the shale boom
Photographer: Spencer Platt/Getty Images
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Explorers in the world’s biggest shale patch are roaring back, putting an additional 10 rigs to work this week for the biggest jump in activity since a price crash triggered an unprecedented collapse in drilling.
Drillers in the Permian Basin of West Texas and New Mexico led the rest of the nation in expanding the rig count. With crude stabilizing above $40 a barrel, the total number of active U.S. oil rigs rose by 11 to 183 this week, according to Baker Hughes Co. data released Friday.