Rig Count

Rig Count – February 18, 2018

The total number of active oil and gas rigs in the United States is now 751, according to oilfield services provider Baker Hughes, which is 237 rigs above the rig count a year ago. The number of oil rigs increased by 6, up from 591 last week to 597 this week. The number of active oil rigs in the United States is now the highest since October 09, 2015.

The number of gas rigs increased this week by 4 and now stand at 153, marking the fourteenth week of gas rig increases in the last 15 weeks—the highest number of gas rigs in operation since the end of 2015.

OPEC’s decision in November to abandon its strategy of flooding the world with excess supply allowed oil prices to stabilize above $50 a barrel.  Stable prices have led to a dramatic resurgence in the Permian Basin, a hotbed of shale drilling in Texas and New Mexico. Companies are racing to add rigs in the Permian, where the count has gone from a low of 132 last April to 301 currently.

Texas and Oklahoma now account for 479 (63.7%) rigs out of this weeks total of 751 oil and gas rigs in the United States.

OKLAHOMA SUMMARY – 101 Rigs

We lost 1 vertical rig in Dewey County last week. In the horizontal rig count, Canadian, Ellis, Grady, Major, and Woodward Counties all lost one rig each. Blaine, Garvin, and Roger Mills Counties gained 1 rig each and Custer County gained 2 rigs. The rest were all unchanged for the week.

 

Check out our proprietary and interactive Rig Count Dashboard.

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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. ☞Email:g.knight@oklahomaminerals.com

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