Baker Hughes Rig Counts: Oil Gains (+6) Gas Loses (-10)

Baker Hughes rig counts released today show Oil rig power up to a new multi-year high at 1,019 horizontal rigs, a gain of six horizontals on the week.  Gas rig power weakened notably, as horizontals fell -8 to a new low of 299 horizontal rigs working.

The Permian returned to its oil dominated march upward, gaining 4 new horizontal oil rigs:

Other notable changes included a new high in oil rigs in the DJ Basin:

Overall oil and gas activity has increased on a multi-week trend in the Granite Wash:

Drilling continues its seasonal recovery in Canada, though oil has rebounded much more than gas, both in Canada as a whole and Alberta particularly:

Full Reports:

Rig Count Summary

Rig Count by Basin

Rig Count by State

Canada Rig Counts

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

Canada
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:

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.

Highlights:

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