Sunday, January 26, 2014

Rig Counts: Oil +8 Gas -9

While natural gas price spikes were making news Friday and weather was the primary driver, Baker Hughes released the rig counts for the week, and gas rigs fell further.  Basin by basin, the total oil and gas rig counts were noteworthy for:

Rig Count Highlights
  • Permian rigs are +20 in a year, but horizontals are up an astonishing +83, while verticals have declined by 69
  • In the Williston Basin, the past year has seen a fleet of directional drilling rigs deployed
  • Eagle Ford rigs were down 9 this week, to a still high 216 (191 Horizontal)
  • The Haynesville rig count was flat this week, up 2 in a year, but the horizontal count is +6 YOY, a significant percentage increase in rig power.