The Top Permian Oil Producer Says Rig Counts in the Region Are Going to Soar

The biggest player in the Permian Basin, America’s most coveted oil field, thinks rig counts in region are poised for explosive growth.In an interview with Bloomberg, Pioneer Natural Resources Co. Chief Executive Scott Sheffield predicted that 100 oil rigs will be added in the area considered to be U.S. shale drillers’ version of prime real estate over the next year. Bloomberg Intelligence Analysts Vincent Piazza and Daniel Krauser note that Pioneer has the highest gross production of any driller in the Spraberry and Wolfcamp formations in the Texan oil field.The shale revolution sparked a frenzied rise in U.S. crude production that eventually drove oil prices to their lowest level in more than a decade earlier this year. While prices have since recovered, they’ve failed to sustainably hold above $50 per barrel — and any advances may continue to be capped if drillers boost activity in the productive Permian Basin.

Source: The Top Permian Oil Producer Says Rig Counts in the Region Are Going to Soar

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