The Permian now accounts for more than half of the nation’s total number of active rigs. The U.S. has seen its rig count decline for the second week consecutive week, after snapping an almost two-month streak of declines. The nation dropped 17 oil rigs and four gas rigs for a net loss of 21 rigs, according to weekly data from Baker Hughes Co. Twenty of them were land rigs and one was an offshore rig. This brings the U.S.’ total number of active rigs to 830, down 238 from the count of 1,068 one year ago. Oklahoma led all states in losses with a drop of six rigs. The following states also idled rigs this week: Texas (-5) North Dakota (-2) Wyoming (-2) Louisiana (-1) New Mexico (-1) Pennsylvania (-1) Utah (-1) West Virginia (-1) Colorado added one rig. Among the major basins, the Permian dropped five rigs. The […]