U.S. energy companies added oil rigs for the first week in seven after a 14-month drilling recovery stalled in August as crude prices were on track for their strongest third quarter in 10 years.
The U.S. oil rig count, however, is down for the second month in a row and posted its biggest monthly and quarterly declines since the second quarter of 2016.
For the month of September, the rig count fell by nine, after dropping by seven in August.
This is the first consecutive monthly reduction since May 2016, after which the drilling recovery took off because of higher oil prices.
The rig count also dropped by six in the third quarter, the first decline over a three-month period since the second quarter of 2016.
*U.S. TOTAL RIG COUNT UP 5 AT 940
*U.S. OIL RIG COUNT UP 6 AT 750
*U.S. GAS RIG COUNT DOWN 1 TO 189
Among major oil- and gas-producing states, Utah gained four rigs and Louisiana increased by two. New Mexico and North Dakota each gained one.
Oklahoma lost three rigs and Texas shed two.
The rest were unchanged. The 5 most active counties in Oklahoma with rigs running, are Blaine (21), Kingfisher (17), Grady (16), Canadian (12) & Dewey (10)
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.