Rig Count

Rig Count Update: June 29, 2018

US RIG COUNT

Houston oilfield services company Baker Hughes reported Friday its weekly rig count report.

Experts say disruption to crude oil supplies from Iran as a result of US sanctions may push oil prices to as high as $90 a barrel.

“We are in a very attractive oil price environment and our house view is that oil will hit $90 by the end of the second quarter of next year,” Hootan Yazhari, head of frontier markets equity research at Bank of America Merrill Lynch told CNBC.

Closing Oil Prices – Friday, June 29, 2018

West Texas Intermediate (WTI) crude oil for August delivery settled at $74.15 a barrel on Friday.  Brent crude for September delivery closed at $79.23 a barrel, up nearly 2%.

RIG COUNT

Weekly Summary: Rigs engaged in the exploration and production in the U.S. fell by -5 for the week ended June 29, 2018, down to 1047.  Land rigs lost 8 down to 1024. The offshore rig count was up 1 at 19.    Rigs drilling in the inland waters doubled from 2 up to 4.

Oil Rig Count: The US crude oil rig count fell by 4 to 858 for the week. There are 102 more rigs targeting oil than last year. Rigs drilling for oil represent 81.9 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 – was down 1 to 187. The number of rigs drilling for gas is 3 higher than last year’s level of 184.

Rig Count Infographic

Among major oil- and gas-producing states:

Gainers

Oklahoma and New Mexico saw the largest gains each with an additional 2 units working. Oklahoma stands at 140 rigs working for the week and New Mexico at 95. California gained 1 unit to 16 rigs running.

Unchanged

Seven states were unchanged this week, namely Pennsylvania, 37; Colorado, 32; Wyoming, 26; Ohio, 22; West Virginia, 17; Alaska, 9; Utah, 8; and Arkansas, 1.

Losers

Texas saw the largest drop in rigs, down 3 units to 530. North Dakota’s rig count fell by 2 units to 54. Louisiana dropped 1 unit to 55.

Summary of Major Plays – Ranked By Rig Count

– Permian Basin 474 rigs compared to last week’s 474 rigs

– Eagle Ford 80 rigs compared to last week’s 82 rigs

– Cana Woodford 74 rigs compared to last week’s 72 rigs

– Williston 54 rigs compared to last week’s 56 rigs

– Marcellus 53 rigs compared to last week’s 53 rigs

– Haynesville 50 rigs compared to last week’s 53 rigs

– DJ-Niobrara 26 rigs compared to last week’s 26 rigs

– Utica 23 rigs compared to last week’s 23 rigs

– Granite Wash 16 rigs compared to last week’s 16 rigs

– Arkoma Woodford 8 rigs compared to last week’s 8 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.

Rig Count Dashboaard

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

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