Rig Count

Rig Count – June 9, 2017

U.S. exploration and production companies have added an extra 400+ rigs to target oil-bearing formations since the end of May 2016. The number of active oil-directed rigs has almost doubled over the last year, from 328 to 741, in one of the most remarkable recoveries on record, coming after one of the deepest slumps during the previous two years.

But the recovery in oil prices has stalled since February and prices are now no higher than they were a year ago. The active rig count is likely to peak in late June or July unless the price of benchmark West Texas Intermediate (WTI) crude starts rising again above $50 per barrel.

Even with a possible slowdown in the rig count around the corner, the number of active oil and gas rigs in the United States climbed again, this week by 11—making it 21 weeks of consecutive gains—the longest growth streak since at least 1987, which is the earliest date that Baker Hughes Excel data is available.

The number of oil rigs in operation jumped up by 8 to 741, while gas rigs climbed by 3 to 185. Combined, the total rig count in the U.S. now stands at 927 rigs, up from 414 rigs a year ago today, when oil prices were higher than they are today.

 

Check out our proprietary and interactive Rig Count Dashboard.

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.

Comments

The crossroads of energy information for minerals owners in Oklahoma. Where you can: See recent prices of mineral and lease transactions. Receive an offer to lease or buy your minerals.

Find relevant news stories on the most active areas, including the Scoop and Stack Plays.

Data Powered by Oseberg

Today’s E&P world is rapidly shifting towards data-driven decision making, but those decisions are only as good as the data behind them. Access Oseberg's deep, accurate, and detailed pool of insight-rich industry data with our powerful analytical and search tools and get the clearest picture of what's happening as soon as it happens.

Disclaimer

This web site is maintained solely for the personal use of our visitors. Although we at Oklahoma Minerals have made all reasonable efforts to provide accurate information, we cannot guarantee the completeness, timeliness or accuracy of the information contained herein. Nothing in this web site contains investment advice. Any decisions based upon the information contained in this web site are the sole responsibility of the user.

Copyright © 2017 OklahomaMinerals.com

To Top
Show Buttons
Hide Buttons