Houston oilfield services company Baker Hughes reported Friday its weekly rig count report.
Oil Markets
Oil prices are rising Monday amid an angry exchange between U.S. and Iranian leaders that underlined fears about the potential for disruptions to output in the Middle East and tighter global crude supplies.
President Donald Trump “has provided a shot in the arm for prices to start the week, turning up the heat regarding tension with Iran once again,” Matt Smith, director of commodity research at ClipperData, told MarketWatch. “Iranian crude exports have dropped to a six-month low so far in July — a trend which will continue apace if the U.S. administration has its way.”
RIG COUNT
Weekly Summary: Rigs engaged in the exploration and production in the U.S. dropped down -8 for the week ended July 20, 2018, climbing to 1046. Land rigs lost -6 to 1024. The offshore rig count was down -2 at 17. Rigs drilling in the inland waters remained flat at 5.
Oil Rig Count: The US crude oil rig count fell -5 to at 858 for the week. There are 94 more rigs targeting oil than last year. Rigs drilling for oil represent 82.0 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 -2, decreasing to 187. The number of rigs drilling for gas is 1 higher than last year’s level of 186.
AMONG MAJOR OIL- AND GAS-PRODUCING STATES:
GAINERS
New Mexico gained four rigs and Ohio and Wyoming each increased by one.
UNCHANGED
Five states were unchanged this week, namely Arkansas, California, Colorado, Pennsylvania and Utah
LOSERS
Texas lost five rigs, Oklahoma decreased by three, Louisiana lost two and Alaska, North Dakota and West Virginia each decreased by one.
Summary of Major Plays – Ranked By Rig Count
– Permian Basin 476 rigs compared to last week’s 476 rigs
– Eagle Ford 81 rigs compared to last week’s 81 rigs
– Cana Woodford 71 rigs compared to last week’s 69 rigs
– Williston 56 rigs compared to last week’s 57 rigs
– Marcellus 52 rigs compared to last week’s 53 rigs
– Haynesville 49 rigs compared to last week’s 49 rigs
– DJ-Niobrara 25 rigs compared to last week’s 25 rigs
– Utica 24 rigs compared to last week’s 23 rigs
– Granite Wash 12 rigs compared to last week’s 15 rigs
– Arkoma Woodford 7 rigs compared to last week’s 8 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.
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.
SOURCE: Baker Hughes
