Friday, March 21, 2014

Rig Counts: Oil +12 Gas -18

Baker Hughes rig counts released today show large changes in the number of working rigs.  Oil rigs were up +12 to a new shale-era high of 1,473, while gas rig counts fell -18 to a fresh new low of 326.  Horizontal rigs accounted for most all of the change this week, with Oil HZ +10 and Gas HZ -16. Canadian rig counts fell sharply, consistent with the later than normal spring breakup.

Major Basins

The Eagle Ford and Cana Woodford were the biggest losers this week, but the Eagle Ford's net loss of 5 included a gain of 9 oil rigs at the expense of -14 gas rigs.  That may be partially explained by a change in rig classification at the discretion of the operator.

The Permian boosted its drilling capacity again, as it saw a net decline of 1 rig, a result of losing 6 vertical rigs and gaining 1 horizontal and 4 directional rigs.

Utica activity was down for the first time in a while, as it lost 2 horizontal oil rigs while gaining just 1 gas rig.

The Barnett lost 1 gas rig and is now down to just 14 gas rigs, the lowest in years. Gas production in the play is expected to decline through 2014.

PDF Reports
Rig Count Summary
Rig Count by Basin
Rig Count by State
Canada Rig Counts