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Last Updated: May 31, 2017
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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, the rig count has nearly tripled, rising from just 132 units at the low in April of last year to 362 units in operation as of May 26th. This data is courtesy of Baker Hughes (NYSE:BHI), which releases weekly rig count estimates for various oil and natural gas regions in the continental US.

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