Rig Count Update: June 8, 2018

Share

Tweet

Share

Share

Email

Houston oilfield services company Baker Hughes reported Friday its weekly rig count report.

The Permian basin saw the biggest increase in the number of rigs, at 3. The prolific basin now boasts 112 rigs year over year at 480 total rigs. The second largest basin, Eagle Ford, has 80 total rigs—a decrease year over year.

Canada, for its part, gained 13 oil rigs for the week—after last week’s gain of 18 oil and gas rigs. Despite two weeks of significant gains, Canada’s oil and gas rig count is still down year over year.

Oil Prices

Both the regional benchmark Plains-West Texas Intermediate and Oklahoma Sweet Crude posting ended Friday at $62.25 per barrel, no change from last Friday’s close. National benchmark West Texas Intermediate crude ended at $65.74 per barrel, down seven cents from the previous week.  Brent crude futures LCOc1 fell 86 cents to $76.46 per barrel.

RIG COUNT

Weekly Summary: Rigs engaged in the exploration and production in the U.S. edged up by +2 for the week ended June 8, 2018, up to 1062.  Land rigs were flat and remained at 1039. The offshore rig count gained 1 to 20.    Rigs drilling in the inland waters were up 1, going from 2 to 3. 

Oil Rig Count: The US crude oil rig count inched up by 1 at 862 for the week. There are 121 more rigs targeting oil than last year. Rigs drilling for oil represent 81.1 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 – was up 1 to 198. The number of rigs drilling for gas is 13 higher than last year’s level of 185.

Among major oil- and gas-producing states:

Gainers

Texas added three rigs, Colorado increased by two and Louisiana gained one.

Unchanged

Seven states were unchanged this week, namely Alaska, Arkansas, California, New Mexico, Ohio, Pennsylvania, Utah, and West Virginia.

Losers

Oklahoma and Wyoming declined by two rigs each and North Dakota decreased by one.

Summary of Major Plays – Ranked By Rig Count

– Permian Basin 480 rigs compared to last week’s 477 rigs

– Eagle Ford 80 rigs compared to last week’s 80 rigs

– Cana Woodford 73 rigs compared to last week’s 76 rigs

– Williston 55 rigs compared to last week’s 56 rigs

– Marcellus 56 rigs compared to last week’s 56 rigs

– Haynesville 54 rigs compared to last week’s 54 rigs

– DJ-Niobrara 26 rigs compared to last week’s 26 rigs

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

– Granite Wash 15 rigs compared to last week’s 14 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.

 

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.