Winter storm halts rig count recovery
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“These extreme weather conditions impacted every aspect of the Texas energy supply chain,” said Todd Staples, president of the Texas Oil and Gas Association.Eli Hartman, MBI / Associated Press
One drilling rig was put into operation in the Permian this week as the arctic blast halted oil and gas operations.
The U.S. rig count held steady this week at 397 as the industry lost one rig in the Gulf of Mexico, according to oil-field services company Baker Hughes and research firm Enverus, which provide the weekly tally.
The rig count, a leading indicator of the nation’s oil and gas production, had been recovering over the past three months from the pandemic. Then the the winter storm knocked out power to oil wells and iced over equipment, forcing producers to pause drilling and production.