3 members / 514 guests (24 hours)
$131.90
-$1.00 (-0.75%)
High: $134.92
Low: $131.75
Volume: 1,336,063

An Interesting IDB update! And how IDB got even faster.  IDB is fast, reliable, and FREE to use. Just join and start posting!

U.S. Rig Count Surges on Oil Drilling Gains in Permian

U.S. Rig Count Surges on Oil Drilling Gains in Permian

The U.S. rig count added 29 units for the week ended Friday thanks to a surge in oil-directed drilling led by the Permian Basin, according to data from Baker Hughes Inc. (BHI).

U.S. drillers brought 26 oil-directed rigs back to the patch for the week, along with three natural gas-directed units, to increase the domestic tally to 975. It was the 11th largest weekly increase in the domestic rig count since 2000, on a percentage change basis, according to NGI calculations. A year ago 741 rigs were running across the United States.

The gains included 24 horizontal units, four vertical and one directional rig. Drilling in the Gulf of Mexico was unchanged week/week, while one rig was added in “inland waters” and 28 were added on land.

The Permian, in West Texas and southeastern New Mexico, led the charge for the week, adding 10 rigs to finish at 437, up from 301 a year ago.

North Dakota’s Bakken Shale added four rigs to finish the week at an even 50, up 13 year/year. Other shale gainers included the Eagle Ford (up three) and Haynesville (up three) shales. The Ardmore Woodford added one rig for the week, which doubled its running tally.

Among states, Texas unsurprisingly led with a net gain of 14 rigs week/week. Wyoming saw its count rise by four, while Louisiana and New Mexico each added three. Oklahoma and Kansas added one rig a piece, while Colorado dropped one rig overall.