Friday, March 7, 2014

Rig Counts: Oil +13 Gas +10

Baker Hughes Rig Counts for today, March 7:

US Horizontal Oil Rigs rose +13 to a multi-year high of 945, up +117 from a year ago.
US Horizontal Gas Rigs rose +8 to 257, down 45 from a year ago.


Permian activity continued to spike, adding 14 oil rigs and losing 1 gas rig.  The Permian is only up 30 rigs year-on-year, but that reflects a horizontal rig count increase of 87, and a loss of 60 vertical rigs, so the rig power has drastically increased.

Eagle Ford lost 6 oil rigs and gained 7 gas rigs, leading one to suspect a classification change rather than a true shift in drilling target:

Other basins were little changed.  The Marcellus lost 1 rig, the Utica gained 1.   See the rig count summary and basin charts for specifics.  Canada is into breakup season where roads become impassable for a while, so those rig counts fell as expected in Alberta.  But large rig count gains were recorded in British Columbia (+15) and Saskatchewan (+8).

PDF Reports:

Rig Count Summary

Rig Count by Basin

Rig Count by State

Canada Rig Counts