Total rig count continues decline for fifth consecutive week
The current price environment has continued to put downward pressure on the number of active rigs operating in the United States. For the fifth consecutive week, Baker Hughes (ticker: BHI) reported the number of rigs in the U.S. declined, ending at 838, down from 842 a week ago.
The number of rigs drilling for oil continued to show the largest declines, falling to 640 this week, with most of the losses coming from the Eagle Ford and the Permian basins. The total number of rigs drilling for gas also declined this week, falling by one to 197.
Texas put down two rigs this week, while Arkansas, North Dakota and Oklahoma each lost one. The state to see any gains was New Mexico, which added one rig for a total of 50, about half of where the state’s rig count stood a year ago. All other states reported no change in their rig counts.
Canadian rig totals continued to decline for the sixth straight week as well, with six rigs being shuttered for a total of 176. Canadian rig totals reached their peak at the end of July when they totaled 215.
Important disclosures: The information provided herein is believed to be reliable; however, EnerCom, Inc. makes no representation or warranty as to its completeness or accuracy. EnerCom’s conclusions are based upon information gathered from sources deemed to be reliable. This note is not intended as an offer or solicitation for the purchase or sale of any security or financial instrument of any company mentioned in this note. This note was prepared for general circulation and does not provide investment recommendations specific to individual investors. All readers of the note must make their own investment decisions based upon their specific investment objectives and financial situation utilizing their own financial advisors as they deem necessary. Investors should consider a company’s entire financial and operational structure in making any investment decisions. Past performance of any company discussed in this note should not be taken as an indication or guarantee of future results. EnerCom is a multi-disciplined management consulting services firm that regularly intends to seek business, or currently may be undertaking business, with companies covered on Oil & Gas 360®, and thereby seeks to receive compensation from these companies for its services. In addition, EnerCom, or its principals or employees, may have an economic interest in any of these companies. As a result, readers of EnerCom’s Oil & Gas 360® should be aware that the firm may have a conflict of interest that could affect the objectivity of this note. EnerCom, or its principals or employees, may have an economic interest in any of the companies covered in this report or on Oil & Gas 360®. As a result, readers of EnerCom’s reports or Oil & Gas 360® should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.