Friday, January 31, 2014

U.S. Rig Counts Oil + 6 Gas + 8

Baker Hughes Rig Counts showed gains on most fronts this week.  Highlights:

  • U.S. Gas rigs were up 2 but gas horizontals fell by 2
  • U.S. Oil rigs gained 6, with horizontals up 5, directional rigs up 8, and verticals down 7
  • The Permian continued to replace vertical rigs with horizontals, though overall count was down 3
  • The Utica hit new highs, adding 2 rigs to 40.  This put Ohio at 38 rigs, catching up with PA (55)
  • Canada continues to trend opposite U.S. in drill target, with Oil down 69 from a year ago, and gas up 52.
  • Both the U.S. and Canada have 75% of the oil rig fleet in horizontals, but the gas fleet is almost entirely horizontal.