Rig Count

Rig Count Update January 29, 2018

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US RIG COUNT
E&P companies deployed more drilling rigs across U.S. oil fields this week as crude prices pushed to levels not seen in more than three years.

Working rigs drilling for oil rose by 12 this week, bringing the total up to 759. It was the biggest increase in 10 months. Texas saw a net gain of 13 rigs and the Permian basin rig count accounted for much of this week’s gains, increasing by 18 rigs this week, now standing at 427 rigs versus 291 rigs a year ago this week.

Helmerich & Payne Inc., the biggest U.S. rig contractor by market value, said this week it’s reasonable to expect the rig tally to increase by 100 to 200 rigs this year thanks to the improving outlook for oil prices.

US OIL Drillers Activate 12 New Rigs

Oklahoma declined by 4 to 117; U.S. Rigs climb by 11

Weekly Summary: Rigs engaged in the exploration and production in the U.S. totaled 947 for the week ended January 26, 2018, up 11 from last week. Land rigs gained 13 while the offshore rig count fell by 2. Rigs drilling in the inland waters were flat for the week.

Oil Rig Count: The US crude oil rig count jumped by 12 to 759 for the week. There are 193 more rigs targeting oil than last year. Rigs drilling for oil represent 80.1 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 – lost 1 down to 188. The number of rigs drilling for gas is 43 higher than last year’s level of 145.

Among major oil- and gas-producing states, Texas added 13 rigs, West Virginia increased by four, and New Mexico increased by three.

Oklahoma lost four rigs, Louisiana lost three rigs, and Ohio and Utah each lost a single rig.

Alaska, California, Colorado, North Dakota, Pennsylvania, and Wyoming were unchanged.

Summary of Major Plays – Ranked By Rig Count

– Permian Basin 427 rigs compared to last week’s 409 rigs

– Eagle Ford 66 rigs compared to last week’s 67 rigs

– Cana Woodford 68 rigs compared to last week’s 71 rigs

– Williston 45 rigs compared to last week’s 45 rigs

– Marcellus 55 rigs compared to last week’s 51 rigs

– Haynesville 45 rigs compared to last week’s 46 rigs

– DJ-Niobrara 25 rigs compared to last week’s 25 rigs

– Utica 23 rigs compared to last week’s 24 rigs

– Granite Wash 12 rigs compared to last week’s 11 rigs

– Arkoma Woodford 9 rigs compared to last week’s 9 rigs

For more details on the latest national and state news regarding last Friday’s Baker Hughes rig count data, check out the interactive rig count dashboard on the Oklahoma Index tab of our website.

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.

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