Rig Count

Rig Count – April 22, 2017

Oil falls below $50 as U.S. rig count climbs again.

The markets remain heavily oversupplied, evidenced by falling oil prices and rising rig counts. Oil futures fell on Friday, with the U.S. benchmark ending below $50 a barrel and producing a weekly loss of roughly 7%. The total U.S. rig count climbed 10 to rest at 857.

Oklahoma crude oil prices as of 5 p.m. Friday:

Oklahoma Sweet:

Sunoco Inc. — $45.75

Oklahoma Sour:

Sunoco Inc. — $33.75

U.S. oil and gas industry entering “cycle of expansion.” The rig count was up by 40 percent in the first quarter compared to a year earlier, employment is up by 9,000 people from its lows, drilling permits are up, and crude oil prices are much higher, even after this week’s big decline. These ingredients are creating a new “cycle of expansion” for the U.S. oil and gas industry, according to Texas Petro Index.

Natural Gas

May natural gas NGK17, ended at $3.101 per million British thermal units, down 1.8% for the session and about 3.9% lower for the week. U.S. data Thursday showed a bigger-than-expected weekly rise in supplies of the commodity.

Oil Rigs

Oil rigs landed on 688 up 5 from 683 last week.

Natural Gas Rigs

167 rigs were drilling for natural gas this week, up 5 from last week.

By drilling trajectory, there were 718 horizontal rigs, up 12; 79 vertical rigs, up two; and 60 directional rigs, down four.


The Permian Basin rig count inched one higher this week. The nation’s most active basin had 340 rigs. Reeves County, in the Delaware subbasin, tallied 48 rigs, down three. Midland County, in the Midland subbasin, was also down this week, falling to 38 after one rig was idled.

Other counties in the Permian with double-digit rig counts were Eddy, New Mexico (30); Loving (29); Lea, New Mexico (25); Martin (21); Howard (20); Upton (20); Reagan (15); Pecos (13); and Culberson (10).

OKLAHOMA SUMMARY – 124 Rigs – Minus 1

The state count has 124 rigs running. The count is up from the low of 54 in February 2016. Oklahoma’s Cana Woodford play — which includes the STACK and SCOOP fields — fell by 1 to 51. The Ardmore Woodford has 2 rigs while the Arkoma Woodford remains at 10 rigs running.

The state has 2 directional rigs, 121 HZ rigs and 2 vertical rigs drilling.

By county, 4 counties currently have double-digit HZ rigs running, Blaine (22), Canadian (10), Grady (10), and Kingfisher (19).

Beckham, Ellis and Grady Counties all went down by 1 rig each, while Blaine County lost 2 rigs.

Counties on the upswing this week were Custer, and Roger Mills, which moved up 1 HZ rig each. Canadian County gained 2 rigs.


Check out our proprietary and interactive Rig Count Dashboard.

Compiled and Published by GIB KNIGHT

Gib Knight is a private oil and gas investor and consultant, providing clients advanced analytics and building innovative visual business intelligence solutions to visualize the results, across a broad spectrum of regulatory filings and production data in Oklahoma and Texas. He is the founder of OklahomaMinerals.com, an online resource designed for mineral owners in Oklahoma.


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