Rig Count

Rig Count – August 26, 2016

The number of U.S. oil drilling rigs were unchanged at 406 this week after eight weeks of consecutive rises, Baker Hughes reported on Friday.

The number of U.S. gas rigs fell by 2 to 81 in the same period, while the total number of rigs fell by 2 to 489.  Since last year at this time, the total rig count down 44% from last year’s count of 877, with oil rigs down from 40% from 676, and gas rigs off 60% from 202 a year ago.  The U.S. rig count peaked at 4,530 in 1981. It bottomed out in May of this year at 404.

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Drilling activity is on the rise in the Permian Basin, with its rig count up nearly 50 percent from its low in late April, now accounting for nearly half of all active U.S. rigs.

OKLAHOMA RIG DATA

The Oklahoma Rig Count remains unchanged at 62 with 60 rigs drilling for oil and 2 for gas.

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The majority of the rigs (52%) are drilling at depths from 10k-15k feet while the number drilling >15k make up 40% of the total. All are shown to be drilling horizontal wellbores.

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All of the data used in this report is provided by Baker Hughes (BHI)

 

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