Friday, April 11, 2014

Rig Counts: More of the Same with Oil +19 and Gas -6

Another 19 oil rigs were deployed last week, bringing the total to a new shale-era record once again, reaching 1,517.  That is a 130 rig gain in 1 year.

Gas activity continued its decline, falling 6 rigs (5 of them horizontal) to 310, a shale-era low.

Here are the trends.  An odd increase in Directional Rigs this week, in both oil and gas.  Louisiana was the source of most of it, adding 9 directionals, some in offshore state waters it appears.

Texas was again showed the largest increases, with +8 oil and -1 gas.

Within Texas, small gains were seen in the Granite Wash, and small losses in the Eagle Ford.  The largest increases were again in the Permian, which it seems can absorb a vast army of rigs.  It picked up 12 oil rigs this week, to reach a new high of 536 total rigs working.

Canadian rig counts continued their seasonal decline, with oil again suffering more than gas.  Year on year, gas directed activity continues to be robust and should express itself in rising production this summer.

More gas rigs were stacked this week, and with a US horizontal gas rig count of a mere 231, the basins that suffered most this week were:

  • -5     Mississippian
  • -3     Utica
  • -2     Haynesville

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