Rig Count

Rig Count Update: March 18, 2018

US RIG COUNT

Oklahoma gains 4, back up to 124 as U.S. Oil Rigs get back 4 also.

The total number of oil and gas rigs now stands at 990, which is an addition of 201 rigs year over year, while the oil and gas rig count in the United States has increased by 66 in 2018. One category standing out was the horizontal rig count, which jumped up by 17 this week.

Weekly Summary: Rigs engaged in the exploration and production in the U.S. gained 6 for the week ended March 16, 2018, up to 990. Land rigs climbed up 6 to 973. The offshore rig count was flat. Rigs drilling in the inland waters also remained flat for the week.

Oil Rig Count: The US crude oil rig count climbed by 4 back up to 800 for the week. There are 169 more rigs targeting oil than last year. Rigs drilling for oil represent 80.80 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 – went up by 1 rig, gaining to 189. The number of rigs drilling for gas is 32 higher than last year’s level of 157.

Among major oil- and gas-producing states, Oklahoma added four rigs, while North Dakota grew by three and Texas tacked on two more. Arkansas, New Mexico, Ohio and West Virginia picked up one each.

Alaska, Colorado, and Pennsylvania each lost two rigs, while Louisiana and Wyoming lost one each.

California and Utah were unchanged.

Summary of Major Plays – Ranked By Rig Count

– Permian Basin 437 rigs compared to last week’s 436 rigs

– Eagle Ford 71 rigs compared to last week’s 70 rigs

– Cana Woodford 64 rigs compared to last week’s 62 rigs

– Williston 54 rigs compared to last week’s 51 rigs

– Marcellus 56 rigs compared to last week’s 57 rigs

– Haynesville 52 rigs compared to last week’s 51 rigs

– DJ-Niobrara 23 rigs compared to last week’s 24 rigs

– Utica 24 rigs compared to last week’s 23 rigs

– Granite Wash 14 rigs compared to last week’s 12 rigs

– Arkoma Woodford 7 rigs compared to last week’s 7 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.

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.

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