US oil rig count climbs for 10th straight week
U.S. drillers added oil rigs for a 10th week in a row, doubling the rig count in a 10-month recovery as energy companies are increasing spending on new production to take advantage of a recovery in crude prices.
The total U.S. active rig count rises in the latest Baker Hughes survey, adding another 20 to 809 following last week’s increase of 21. A year ago, 464 rigs were active.
The oil rig count rose by 21 to 652 while natural gas rigs fell by 2 to 155, with two rigs considered miscellaneous.
Oil rigs are up by 280 (+75%) and gas rigs are higher by 63 (+68%) from a year ago.
The oil rig count increase comes despite a collapse in U.S. crude futures over the past two weeks down to levels seen when OPEC agreed to cut production on Nov. 30.
State & Basin Summary
Texas tops 400 rigs for first time in 2 years – since April 15, 2015
State-wise, Texas and Oklahoma gained eight and seven rigs, respectively. New Mexico saw a three-rig rise, while Alaska, California, North Dakota, Pennsylvania, and West Virginia gained one each.
The Permian Basin saw the most number of rigs added, bringing 7 additional rigs online to reach 315. The Permian Basin now has 168 more rigs in production than this time last year. Cana Woodford, Eagle Ford, and Marcellus Basins all saw 2-rig increases, and Barnett, Granite Wash, Mississippian, and the Williston Basin all added one.
Reeves continues to be the most active county in the nation’s most active basin. Situated in the Delaware basin, Reeves recorded 48 rigs, down one. Midland County, in the heart of the Midland basin, had 36 rigs, down three.
Other Permian counties with double-digit rig counts were Loving (28); Eddy, New Mexico (25); Howard (22); Lea, New Mexico (22); Upton (16); Culberson (14); and Pecos (11).
Dickens County saw renewed activity. Counties that ceased all activity were Cochran, Fisher, Stonewall and Terry.
OKLAHOMA SUMMARY – 118 Rigs – Plus 7
The state count jumped to 118 rigs running, an increase of 7 rigs over last week’s count of 111 rigs. The count is up from the low of 54 in February 2016. Oklahoma’s Cana Woodford play — which includes the STACK and SCOOP fields — added 2 rigs to 50. The Ardmore Woodford has 2 rigs while the Arkoma Woodford has 9 rigs running.
By county, 3 counties currently have double-digit HZ rigs running, Blaine (26), Grady (10) and Kingfisher (18). Garvin lost 1 rig this past week. Grady gained 2, while Blaine, Garfield, Kingfisher, Major, McClain, and Roger Mills all added 1 each.
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.