Permian rig count forecast
Despite the Permian boom in recent years, the rate of rig count and crude production growth itself will continue to fall. The slowdown is a byproduct of industry growing pains and transitioning development styles, including obstacles such as labor shortages and productivity degradation from frac hits. Permian Crude Production Forecast +788 kb/d Permian Basin Rig Count by Type and Target Texas Counties: Andrews, Borden, Coke, Crane, Dawson, Ector, Gaines, Glasscock, Howard, Reeves, Sterling, Terrell, Upton Spears and Associates’ 2020 forecast indicates the US land rig count will likely fall by 10%, assuming that oil prices stay in the mid-$50s. That would be 860 working rigs, versus 960 this year. This decrease is similar to the 10% decrease being forecast for US drilling and completion spending.