Occidental Petroleum down to single digit number of rigs in the Permian Basin
Published: Aug. 12, 2020 at 11:31 AM CDT
ODESSA, Texas (KOSA) - Occidental Petroleum will only have a single oil rig operating in the Permian Basin for the rest of the year, according to Bloomberg.
A local oilfield employee tells CBS7 however that the company has three rigs running now and a fourth is scheduled to go online next week.
When the company bought Anadarko last year it had 22 oil rigs in operation, meaning its scaled drilling back by 95-percent.
There are only 176 oil rigs running in the United States as of Wednesday, the lowest number since 2005.
Drilling permits have dropped to the lowest number since 2010, according to Rystad Energy.
Copyright 2020 KOSA. All rights reserved.