Friday, April 25, 2014

Rig Counts: Big Gains for Oil (+24) and Gas (+7)

Baker Hughes rig counts for April 25th show another large build in oil rigs (+24) and a rebound in gas rigs as well (+7).

Oil rigs are on a relentless growth trajectory, having made new highs each week for the last two months.  Horizontals broke 1,000 this week, as directionals and vertical rigs have been flat this year so far.  Gas rigs are off the lows but only just, at 238 horizontals.

The basin analysis shows that the boom in the Permian is unabated, but things did pause a bit this week with a net gain of 2 rigs, but rig power declined with horizontals off by 3:

The largest gas rig gains came in the Marcellus, which gained a significant 7 horizontals this week:

And the Haynesville is also showing signs of life, gaining 2 horizontals this week to reach 46 active rigs, the most since July 2012.