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US Oil Rig Count Jumps To 815

U.S. energy companies added oil rigs for a second week in a row, following through on plans to spend more on drilling this year with crude prices at three-year highs, Baker Hughes, a GE company (NYSE: BHGE) said April 13. Drillers added seven oil rigs in the week to April 13, bringing the total to 815,

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The Permian Basin Keeps On Giving

Last week the U.S. Geological Survey (USGS) announced the largest estimate of continuous oil that it has ever assessed. The area assessed is in the Permian Basin, a region that has been producing oil continuously for nearly 100 years. The Permian Basin lies underneath western Texas and southeastern New Mexico. The geology of the Permian Basin is

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Permian Basin, Gulf to lead U.S. to ’18 production record

U.S. daily crude oil production in 2018 may shatter a record established nearly a half-century ago, the Energy Information Administration has suggested.The average production will be 9.9 million barrels per day next year, the federal agency revealed this week, up from 9.3 million barrels this year and more than the 9.6 million barrels produced in

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