Oklahoma down 2, now at 121; U.S. Rigs fall by 5
U.S. energy companies this week cut oil rigs for the first week in three even though crude prices hovered near their highest level since the spring of 2015.
In 2017, U.S. crude futures averaged $50.85 a barrel, easily topping last year’s $43.47 average. This week, futures traded over $62, their highest since May 2015.
Year-over-year oil exploration in the U.S. is up 40.3 percent. Gas exploration is up 34.800 percent. The weekly average of crude oil spot price is 15.0 percent higher last year and natural gas spot prices are 42.8 percent higher than last year.
Weekly Summary: Rigs engaged in the exploration and production in the U.S. totaled 924 for the week ended January 5, 2018, down 5 from last week. That’s up from the 665 rigs that were active a year ago. Land rigs lost 3, while the offshore rig count fell by 1. Rigs drilling in the inland waters count also lost 1 for the week.
Oil Rig Count: The US crude oil rig count lost 5 down to 742 for the week. There are 213 more rigs targeting oil than last year. Rigs drilling for oil represent 80.3 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 – stayed was flat at 182. The number of rigs drilling for gas is 47 higher than last year’s level of 135.
Among major oil- and gas-producing states, Wyoming gained two rigs and New Mexico and Texas each gained one.
Louisiana lost six rigs, Oklahoma declined by two and North Dakota lost one.
Alaska, Arkansas, California, Colorado, Ohio, Pennsylvania, Utah and West Virginia were unchanged.
Summary of Major Plays – Ranked By Rig Count
– Permian Basin 400 rigs compared to last week’s 398 rigs
– Eagle Ford 70 rigs compared to last week’s 70 rigs
– Cana Woodford 73 rigs compared to last week’s 73 rigs
– Williston 46 rigs compared to last week’s 47 rigs
– Marcellus 48 rigs compared to last week’s 48 rigs
– Haynesville 45 rigs compared to last week’s 46 rigs
– DJ-Niobrara 26 rigs compared to last week’s 26 rigs
– Utica 28 rigs compared to last week’s 28 rigs
– Granite Wash 12 rigs compared to last week’s 12 rigs
– Arkoma Woodford 8 rigs compared to last week’s 8 rigs
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.