As of May 20, the total U.S. rig count is down 28 from last week with the Permian Basin leading the declines with a drop of 17 rigs.
For a second week in a row, the number of rigs operating in the U.S. fell to another all-time low, though, according to Enervus, this is the first single-digit decline in the U.S. rig count over the past 12 weeks.
Of the permits issued, 416 were to drill new oil and gas wells, mostly in the Midland district where companies plan to drill 263 oil and gas wells.
U.S. drops 20 rigs from last week to current week’s total of 390. Hess, EOG Resources, Oxy USA, Marathon, Devon and Cimarex are among the many that have announced cuts or reductions to their programs.
The oil-rig count in the U.S. has now declined for seven weeks in a row, implying upcoming declines in domestic crude output.
Here’s a snapshot of recent energy deals including closing renegotiation of BP’s $5.6 billion Alaska sale to Hilcorp Energy and a $575 million acquisition by Total.
Here’s a snapshot of energy deals from the past week including the closing of a Tom Ward-led partnership’s acquisition of bankrupt Alta Mesa Resources and a $1.6 billion asset sale by Chevron.
Here’s a snapshot of energy deals from the past week including approval of the sale of bankrupt Alta Mesa Resources for $220 million plus amended terms to Devon Energy’s Barnett sale.
As part of the amended terms, Kalnin Ventures agreed to pay up to $830 million for Devon Energy’s Barnett assets—a $60 million increase from the original purchase price.