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oil rig count

Oil rig count jumps as drilling activity picks up

The oil rig count of active drilling rigs for oil and gas in the United States rose this week, according to new data that Baker Hughes published on Friday.

The total rig count rose by 3 to 589 this week, compared to 664 rigs this same time last year.
The number of oil rigs rose by 5 this week, after falling by a single rig in the week prior. Oil rigs now stand at 482—down by 47 compared to this time last year. The number of gas rigs fell by 2 this week to 101, a loss of 27 active gas rigs from this time last year. Miscellaneous rigs stayed the same at 6.

Crude Oil Production

Meanwhile, U.S. crude oil production stayed the same for the week ending July 19. Current weekly oil production in the United States, according to the EIA, is now on par with the all-time high of 13.3 million bpd.

Primary Vision’s Frac Spread Count, an estimate of the number of crews completing wells that are unfinished, fell sharply in the week ending July 19, from 238 to 228—the lowest levels since June 2021.

Drilling activity in the Permian fell by 1 this week at 304, a figure that is 30 fewer than this same time last year. The count in the Eagle Ford rose by 1 this week, rising to 49 after climbing by 1 rig in the week prior. Rigs in the Eagle Ford are now 5 below where they were this time last year.
Oil prices were down sharply on Friday. At 1:00 p.m. ET, the WTI benchmark was trading down $1.19 (-1.52%) on the day at $77.09. The Brent benchmark was trading down $1.29 (-1.57%) on the day at $81.08.

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Source: Oil Price

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US Oil Rig Count Rises: The oil rig count was 510 in the week ended Mar 15, increasing from the week-ago figure of 504.

Permian oil rig count increases in 3 of prior 5 weeks

In its weekly release, Baker Hughes Company BKR stated that the U.S. Permian oil rig count was higher than the prior week’s figure. The rotary rig count, issued by BKR, is usually bring out in major newspapers and trade publications.

Baker Hughes’ data, issued at the end of every week since 1944, helps energy service providers gauge the overall business environment of the oil and gas industry. The number of active rigs and its comparison with the week-ago figure indicates the demand trajectory for the company’s oilfield services from exploration and production companies.

Rig Count Data in Detail

Total U.S. Rig Count Rises: The number of rigs engaged in the exploration and production of oil and natural gas in the United States was 629 in the week ended Mar 15. The figure is higher than theweek-ago count of 622. Although the figure increased in three of the prior five weeks, there has been a slowdown in drilling activities. Many analysts believe that shale producers are getting more efficient, requiring fewer rigs, while some doubt whether certain producers have enough prospective land to drill. The current national rig count is, however, lower than the year-ago level of 754.

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Source: yahoo!finance

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The US oil industry is now in a post-boom era, focusing on smart growth aligned with demand rather than rapid expansion.

US Oil Industry’s Year: 2023 may have been the best year yet

Last year, U.S. oil industry or crude oil production broke another record. This in itself is not exactly news. The shale oil industry has been breaking records for breakfast for years. But that was before the pandemic.

After the pandemic, many pronounced the shale boom dead. Of course, those same people found out in 2023 that this wasn’t strictly true. Despite a continued focus on capital discipline and the flurry of cash they returned to shareholders, U.S. drillers managed to boost their overall output to over 13.2 million barrels daily in September. And they did it with fewer rigs, at that. And with zero—if not negative—support from the federal government.

“Smart money knows to never bet against this industry,” Tim Stewart, President of the US Oil & Gas Association, recently told David Blackmon, energy industry vet and Forbes author. “We are going to be around a lot longer than any politician. Why is that? Because we produce wealth while they produce nothing.”

Indeed, if 2023 proved anything that many may have suspected, it was that an industry does not need a friendly government to flourish—at least when it comes to the oil industry, that is. Alternative energy industries, on the other hand, do need government support to survive.

 

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Source: Oil Price

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The number of rigs engaged in the exploration and production of oil and natural gas in the United States was 625 in the week ended Dec 1.

Permian oil drilling rig count rises in 5 of prior 8 weeks

In its weekly release, Baker Hughes Company  stated that the U.S. drilling rig count was higher than the prior week’s figure. The rotary rig count, issued by BKR, is usually bring out in major newspapers and trade publications.

Baker Hughes’ data, issued at the end of every week since 1944, helps energy service providers gauge the overall business environment of the oil and gas industry. The number of active rigs and its comparison with the week-ago figure indicates the demand trajectory for the company’s oilfield services from exploration and production companies.

Rig Count Data in Detail

Total U.S. Drilling Rig Count Rises: The number of rigs engaged in the exploration and production of oil and natural gas in the United States was 625 in the week ended Dec 1. The figure is higher than theweek-ago count of 622. Although the figure increased for three straight weeks, there has been a slowdown in drilling activities. Some analysts think that shale producers are getting more efficient, requiring fewer rigs, while some doubt whether certain producers have enough prospective land to drill. The current national rig count is, however, lower than the year-ago level of 784.

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Source: ZACKS

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