Texas gains 8, Oklahoma down 1 rig as U. S. rig count rises to 1,013
Oil prices were steady on Monday as a rising US rig count pointed to further increases in American output, marking one of the few factors tamping back crude in an otherwise bullish environment.
Brent crude oil futures were at $74.07 a barrel at 3.54am GMT, virtually unchanged from their last close.
US West Texas Intermediate (WTI) crude futures were down 3c at $68.37 a barrel.
US drillers added five oil rigs drilling for new production in the week ended April 20, bringing the total count to 820, highest since March 2015. The rising rig numbers point to further increases in US crude production, which is already up 25% since mid-2016 to a record 10.54-million barrels a day.
Only Russia produces more at almost 11-million barrels a day.
Weekly Summary: Rigs engaged in the exploration and production in the U.S. climbed +5 for the week ended April 20, 2018, up to 1013. Land rigs were +3 up to 991. The offshore rig count gained 2. Rigs drilling in the inland waters were flat for the week.
Oil Rig Count: The US crude oil rig count grew by 5 to 820 for the week. There are 132 more rigs targeting oil than last year. Rigs drilling for oil represent 80.9 percent of all drilling activity.
US oil rigs tested an all-time high of 1,609 in October 2014. In contrast, the rigs hit 316 in May 2016—the lowest level since the 1940s.
Natural Gas Rig Count: The natural gas rig count – which plunged to its lowest last August – remained flat at 192. The number of rigs drilling for gas is 25 higher than last year’s level of 167.
Among major oil- and gas-producing states, Texas added eight rigs while Louisiana and New Mexico each added one.
Colorado and North Dakota each declined by two rigs while Ohio, Oklahoma and Pennsylvania dropped one apiece.
Alaska, Arkansas, California, Kansas, Utah, West Virginia and Wyoming were unchanged.
Summary of Major Plays – Ranked By Rig Count
– Permian Basin 453 rigs compared to last week’s 444 rigs
– Eagle Ford 76 rigs compared to last week’s 75 rigs
– Cana Woodford 61 rigs compared to last week’s 65 rigs
– Williston 53 rigs compared to last week’s 55 rigs
– Marcellus 55 rigs compared to last week’s 55 rigs
– Haynesville 52 rigs compared to last week’s 52 rigs
– DJ-Niobrara 23 rigs compared to last week’s 24 rigs
– Utica 23 rigs compared to last week’s 25 rigs
– Granite Wash 11 rigs compared to last week’s 12 rigs
– Arkoma Woodford 8 rigs compared to last week’s 8 rigs
Thank you for your continued support and keep an eye out for this week’s recap on Friday Snippets!
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.