Friday, May 23, 2014

Baker Hughes Rig Counts: Oil Rigs Stall (-3) and Gas Rigs Steady (-1)

Rig counts were broadly steady, both oil and gas, US and Canada, this week.  The slight decline in US oil rigs (-3) was stronger than the headline because horizontals were down -8, the first solid decline in a long string of relentless increases.  Gas rigs were stable, -1 overall but horizontals +3.  

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

Canadian rig counts are in the seasonal trough, though the larger trends continue to differ from the US, with Gas rig activity in a long term growth trend, while oil rigs are flat year on year:

Alberta specifically:

US Shale Basins
The trends within the larger shale basins were mixed.  The Permian, while had been attracting rigs like bees to honey, stalled this week:

The Eagle Ford also dropped three horizontal oil rigs and another gas rig.  Hardly a gas classified rig remains in the EF:

The Niobrara and Utica both have been trending upwards this year: