Rig Count

Rig Count August 11, 2017

Oil companies idled 5 drilling rigs this week, the second drop in two weeks as oil prices in recent months have slowed shale drilling activity.  The decline brought the nation’s rig count to 949 —  still more than double where it was a year ago, according to the Baker Hughes report.

*U.S. TOTAL RIG COUNT DOWN 5 AT 949

*U.S. OIL RIG COUNT UP 3 TO 768

*U.S. GAS RIG COUNT DOWN 8 TO 181

Among major oil- and gas-producing states, California and New Mexico each increased by one rig.  Texas lost seven rigs and Louisiana decreased by one.

The 5 most active counties in Oklahoma with rigs running, are Blaine (22), Kingfisher (20), Grady (19), Dewey (12) and Canadian (9).

The Permian basin and the Arkoma Woodford lost 2 rigs each this week, while the Eagle Ford lost 3 rigs. Despite this week’s loss, the Permian basin still has 188 rigs more than last year. Cana Woodford’s count increased by 3 rigs this week.

Oil prices rose slightly on Friday in volatile trading.  U.S. West Texas Intermediate crude was up 23 cents or 0.47 percent to $48.82 a barrel.

The U.S. rig count peaked at 4,530 in 1981. It bottomed out in May of 2016 at 404.

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.

Comments
To Top
Show Buttons
Hide Buttons