Although the Covid-19 pandemic continues to decimate active horizontal rigs in the US, the Permian Basin is emerging as the last surviving epicenter of drilling activity, a Rystad Energy analysis of Baker Hughes data shows. The total horizontal oil rig count fell to 218 rigs last week, a 65% decline from the peak of 624 rigs seen in the middle of March 2020. Horizontal gas drilling was down to 67 rigs last week, which is 56% below the previous peak seen in June 2019. Rig count is widely considered to be one of the most important indicators of investment appetite by E&Ps. Not only does it illustrate the actual drilling activity in the market, but it is also a key metric of consumer confidence, closely related to price developments. Two fundamental activity trends persist. The Permian has systematically increased its market share in nationwide horizontal oil drilling, reaching 74% […]