The number of active US oil and gas rigs tumbled by four to 691 this week, the lowest count since March 2017, with a slowdown in the prolific Permian Basin leading the decline, data from consultants Enverus showed. The Permian lost six rigs, with totals now down 103 since last November, as operators look to tighten budgets and improve drilling efficiencies in a lower-price environment. The bulk of the decline has occurred in the Texas portion of the basin. Still, despite the steep rig falloff, production continues to set new records in the basin, with additional oil and gas growth expected in 2020. With only one month left in the year, 2019 production is forecast to grow a little over 800,000 b/d year over year. In 2020, growth is expected to continue, […]