The nation’s drilling rig count rose slightly this week as crude inventories are falling and U.S. oil exports are on the rise.
U.S. energy companies added one oil rig this week, the fifth weekly increase in a row, as oil prices hovered at two-week highs.
U.S. crude futures traded near $63 a barrel on Friday, moving closer to the peaks from late January when prices rose to their highest since December 2014.
That compares with averages of $50.85 in 2017 and $43.47 in 2016.
Weekly Summary: Rigs engaged in the exploration and production in the U.S. gained 3 for the week ended February 16, 2018, up to 978. Land rigs climbed up 3 to 959. The offshore rig count was minus 1. Rigs drilling in the inland waters gained 1 for the week.
Oil Rig Count: The US crude oil rig count climbed by 1 to 799 for the week. There are 197 more rigs targeting oil than last year. Rigs drilling for oil represent 81.6 percent of all drilling activity.
US oil rigs tested an all-time high of 1,609 in October 2014. In contrast, the rigs hit 316 in May 2016—the lowest level since the 1940s.
Natural Gas Rig Count: The natural gas rig count – which plunged to its lowest last August – went up by 2 rigs, gaining to 179. The number of rigs drilling for gas is 28 higher than last year’s level of 151.
Among major oil- and gas-producing states, Texas increased by three rigs, New Mexico gained two and Colorado, Louisiana, North Dakota, Ohio and Wyoming each gained one.
Oklahoma decreased by two rigs and Kansas, Pennsylvania, and West Virginia each lost one.
Alaska, Arkansas, California, and Utah were unchanged.
Summary of Major Plays – Ranked By Rig Count
– Permian Basin 435 rigs compared to last week’s 433 rigs
– Eagle Ford 70 rigs compared to last week’s 70 rigs
– Cana Woodford 69 rigs compared to last week’s 67 rigs
– Williston 50 rigs compared to last week’s 49 rigs
– Marcellus 54 rigs compared to last week’s 56 rigs
– Haynesville 51 rigs compared to last week’s 50 rigs
– DJ-Niobrara 26 rigs compared to last week’s 25 rigs
– Utica 23 rigs compared to last week’s 22 rigs
– Granite Wash 12 rigs compared to last week’s 12 rigs
– Arkoma Woodford 7 rigs compared to last week’s 7 rigs
Thank you for your continued support and keep an eye out for this week’s recap on Friday Snippets!
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.