Occidental Petroleum Rig Count Drops to Single Digits in the Permian Basin

ODESSA,TX –  Occidental Petroleum has scaled back production and will only have a single oil rig operating in the Permian Basin throughout the remainder of the year, according to Bloomberg.

A local Occidental employee informed CBS7 on Wednesday the company has three rigs currently in operation now, and a fourth is scheduled to go into production sometime next week.

When Occidental Petroleum originally bought the company of Anadarko last year it had roughly 22 oil rigs in operation, and according to the company they have scaled back drilling production by approximately ninety-five percent this year.

At this time there are only 176 active oil rigs running in the United States as of Wednesday, which is the lowest number of active oil rigs since 2005, and according to Rystad Energy drilling permits for 2020 have dropped to record low numbers since 2010.