Permian Basin Crude Output at 2015 High
Crude output in the Permian Basin rebounded close to record levels in the latest week as the biggest U.S. onshore oilfield extends gains after cold weather disrupted production and the number of rigs fell, data showed.
Permian Basin production climbed to 1.75 million barrels per day (mbpd) in the week through Thursday, the highest this year.
The highest weekly total ever was 1.79 mbpd on Dec. 11, according to LCI Energy Insight, which compiles wellhead data and information from state agencies.
That high was set just before a bout of cold weather iced over roads in the Permian Basin of West Texas and New Mexico, pushing output down to 1.54 million bpd in the week of Jan. 8.
Since then, many companies in the Permian, reeling from a 50 percent slide in oil prices, have said they would slash the number of drilling rigs in their fleet by a third or more.
Baker Hughes shows the number of drilling rigs operating in the Permian is now 292, down sharply from 513 a year earlier, according to that company's latest weekly data.
But so far production has not dropped markedly, partly a reflection of the increased productivity and size of new wells.
The U.S. Energy Information Agency expects output in the Permian to rise in April, though show slight declines in two other big onshore fields: the Bakken of North Dakota and the Eagle Ford of Texas.
(Reporting by Terry Wade; Editing by James Dalgleish)
