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U.S. energy companies kept the oil rig count unchanged this week amid a steady decline in crude prices, which hit a near two-month low earlier this week.
U.S. crude futures fell for the seventh straight week as global trade disputes fueled concerns about slowing economic growth, which could hurt the demand for energy.
So far this year, U.S. oil futures have averaged $66.30 per barrel. That compares with averages of $50.85 in 2017 and $43.47 in 2016.
Looking ahead, crude futures were trading at $65 for the balance of 2018 and $63 for calendar 2019.
Weekly Summary: Total rigs engaged in the exploration and production in the U.S. were flat for the week ended August 17, 2018, at 1057. Land rigs lost -1 to 1034. The offshore rig count was +1 at 21. Rigs drilling in the inland waters remained flat at 2 for the week.
Oil Rig Count: The US crude oil rig count remained flat at 869 for the week. There are 106 more rigs targeting oil than last year. Rigs drilling for oil represent 82.2 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 – was also flat at 186. The number of rigs drilling for gas is higher by 4 rigs than last year’s level of 182.
AMONG MAJOR OIL- AND GAS-PRODUCING STATES:
Texas gained three rigs, Louisiana and Pennsylvania each increased by two and Oklahoma added one.
Five states were unchanged this week, namely Arkansas, California, Colorado, North Dakota and Utah.
New Mexico lost three rigs and Alaska, Ohio, West Virginia and Wyoming each decreased by one.
Summary of Major Plays – Ranked By Rig Count
– Permian Basin 486 rigs compared to last week’s 485 rigs
– Eagle Ford 79 rigs compared to last week’s 79 rigs
– Cana Woodford 65 rigs compared to last week’s 68 rigs
– Williston 56 rigs compared to last week’s 56 rigs
– Marcellus 53 rigs compared to last week’s 52 rigs
– Haynesville 48 rigs compared to last week’s 49 rigs
– DJ-Niobrara 24 rigs compared to last week’s 25 rigs
– Utica 23 rigs compared to last week’s 24 rigs
– Granite Wash 15 rigs compared to last week’s 17 rigs
– Arkoma Woodford 7 rigs compared to last week’s 6 rigs
For more details on the latest national and state news regarding last Friday’s Baker Hughes rig count data, check out the interactive rig count dashboard on the Oklahoma Index tab of our website.
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.
SOURCE: Baker Hughes