Rig Count

OIL & GAS NEWS Rig Count – October 8, 2016

Hurricane Matthew churned along Florida’s Atlantic Coast on Friday but its impact on Lower 48 oil and gas production is, for now, minimal. Jonathan Cogan, a spokesman for the U.S. Energy Information Administration (EIA), said that “given its current projected path, Matthew does not appear to threaten major oil and gas producing areas or petroleum refineries.”

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Rig Count Summary

The US oil rig count rose by three to 428 this week, according to oilfield-services giant Baker Hughes. The gas rig count fell by two to 94. Miscellaneous rigs rose by one to two, taking the total up by two to 524. The number of rigs marks the highest number of oil rigs in production since February 12 but after crude briefly climbed over $50 a barrel in June, drillers have added 112 oil rigs. Analysts said then that prices over $50 would prompt energy firms to return to drilling.

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Analysts at Simmons & Co, energy specialists at U.S. investment bank Piper Jaffray, this week forecast total oil and natural gas rig count would average 498 in 2016, 656 in 2017 and 866 in 2018.

That compares with an average of 482 oil and gas rigs active so far this year, according to Baker Hughes data and an average of 978 oil and gas rigs active in 2015.

Oklahoma and Texas each gained 2 rigs. The Permian has the most rigs with 203 (loss of one) and the Cana Woodford is flat at 35 rigs this week.

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A Look-Back In Time

This week we take a look back at rig counts starting on Feb 2, 2011, up to October 7, 2016. This chart covers the top 5 states and shows the peak rig counts for Texas (938) and Oklahoma (215). The Texas rig count is 74% lower today since its high on June 12, 2012, and the rig count for Oklahoma today is 68% lower since its high on September 8, 2014.

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Oklahoma Rig Count

The Oklahoma rig count jumped two from last week and now sits at 70, down 20.5% from the high of 88 reached back on January 29th of this year. The STACK counties of Blaine, Canadian and Kingfisher lead the state rig count with Kingfisher County gaining one rig. Grady County lost one rig. 68 of the 70 rigs are drilling HZ wellboreswith two vertical rigs running in Ellis (1) and Woodward (1) Counties.

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All of the rig data used in this report is sourced from Baker Hughes (BHI)

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