Friday, May 16, 2014

Rig Counts: Oil +3 Gas +3

This week's Baker Hughes Rig Count report shows slight gains, as both oil and gas rigs increased by +3.  That is a new record for oil. Canadian rig counts were stable as melt season draws to a close, and should begin recovering rapidly now.

Among the major basins, notable changes were few.  The Eagle Ford added 4 to its horizontal oil rigs, while losing one horizontal gas rig.  This dropped the gas rig count to a multiyear low of 8, after a 2012 high of almost 90 gas rigs.

The Utica also made gains, adding 2 horizontal oil rigs and 3 horizontal gas rigs.