The Permian Is Reaching Its Limit [Seeking Alpha]
Whiting Petroleum Corporation (New) (WLL)
Last whiting petroleum corporation (new) earnings: 2/27 08:30 am
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Source: Seeking Alpha
Summary As energy prices have rebounded from their multi-year lows and now seem to be hovering in a range of between $45 and $55 per barrel, market participants are pointing to a massive increase in the rig count, primarily in the Permian Basin, as a sign that growing US production may offset OPEC and non-OPEC cuts. In what follows, I will dig into some data involving not just the rig count in the Permian but also data surrounding how effective those rigs are, and give my thoughts on what it means for investors in companies like Whiting Petroleum (NYSE: WLL ), Chesapeake Energy Corp. (NYSE: CHK ), Approach Resources (NASDAQ: AREX ), and Legacy Reserves (NASDAQ: LGCY ), as well as for the United States Oil ETF (NYSEARCA: USO ) and other oil-related ETFs moving forward. The Permian's rig count has soared The fact of the matter is that, over the past several months, the rig count in the Permian has soared. As you can see in the graph below, for instance,
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