U.S. Rig Count Unchanged, Canada adds 16
Permian grows to 373 rigs
The U.S. rig count was unchanged this week, seemingly signaling a response to lowering oil prices, according to Baker Hughes’ Weekly Rig Count.
The total number of rigs active in the U.S. is still 952, the same as last week. However, one land rig came online and one inland waters rig shut down, giving a final tally of land inland waters and offshore rigs of 928, three and 21, respectively.
Two oil-targeting rigs came online this week, while two gas-targeting rigs shut down. Currently, 80.4% of all U.S. rigs are targeting oil formations. Baker has been tracking product targeted since 1987, giving nearly 1,570 weeks of oil and gas targets. Overall, U.S. rigs have slightly favored gas, averaging 42.3% of rigs targeting oil and 56.8% targeting gas.
Unusually, horizontal rigs are unchanged this week, holding at 804. Two vertical rigs came online, while two directional rigs shut down. Horizontal rigs, as a percentage of total active rigs, are still at a record high of 84.5%.
Individual states and basins saw a significant amount of change this week, despite the overall rig count remaining the same. Texas added three more rigs this week, bringing its total to 466. Two rigs came online in Utah, while one became active in both Colorado and North Dakota. Alaska, Louisiana and Oklahoma each saw two rigs shut down this week.
The Permian basin, once again, added the most rigs of any basin tracked by Baker. Four more in the Permian have increased its total to 373, or 40% of all land rigs in the U.S. The DJ-Niobrara saw two rigs come online, while one became active in the Williston. Four rigs came offline in both the Cana Woodford and the Eagle Ford, the only decreases among the basins tracked by Baker.
Unlike the U.S., Canada added 16 rigs this week. Only one new Canadian rig targeted oil, while fifteen are drilling for gas.
Source: EnerCom Analytics
Source: Baker Hughes
Originally published at Oil & Gas 360.