Rig Count

Rig Count – September 9, 2016

Snapshot: US Oil Rig Count +7. Total Rigs +11. Highest Rig Count in 7 months

This Weeks Rig Count and Oil Price Update

Oil futures continued to decline Friday after data from Baker Hughes revealed that the number of active U.S. rigs drilling for oil climbed by 7 to 414 rigs this week. The total active U.S. rig count, which includes oil and natural-gas rigs, rose by 11 to 508, Baker Hughes said. October crude CLV6, was at $46.10 a barrel on the New York Mercantile Exchange, down $1.52 from Thursday’s settlement. It traded around $46.26 before the rig data, and then settled down for the day at $45.88, down $1.74.

State-wise, Louisiana was plus eight rigs and Texas moved up four. Utah, West Virginia and Ohio each gained one or two rigs each. Oklahoma lost four and New Mexico lost two.

The Permian Basin, the largest basin by rig count, lost two, while Eagle Ford’s count remained the same. The Utica and Marcellus basins increased by one and two rigs, respectively.

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Oklahoma Summary

The Oklahoma rig count fell 4, from 66 last week to 62 this week. Oklahoma remains -20 from the high of 86 rigs reached on January 15th of this year.

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By county, Kingfisher (12), Blaine (11) and Canadian (8) continue to lead with the most rigs.

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And finally, a look at the rig count by basin.

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

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