MLP News

Pipe destined for TransCanada’s Keystone XL pipeline is stockpiled near Gascoyne, N.D. (CBC)

Kenney Win Puts Maligned Trudeau Pipeline Law Under New Pressure

From Bloomberg Alberta’s incoming premier is already fighting pipeline law changes that are in the offing. Jason Kenney’s conservative party swept to power Tuesday in Canada’s oil heartland after a campaign in which he regularly took aim at Prime Minister Justin Trudeau. In his victory speech, Kenney also criticized Trudeau for “imposing new laws that will make it impossible to get pipelines approved in the future.” A trio of proposed laws affecting pipeline, environmental and oil shipping laws are working their way through Canada’s Senate as Trudeau’s Liberals gear up for an October election, trailing in the polls. The most controversial is known as Bill C-69 — Kenney’s predecessor in Alberta also opposed its current wording, but his election will add pressure to Trudeau to bow to concessions sought by the oil industry. “I expect to see the federal government make substantial changes to that piece of legislation because they’re[Read More…]

April 18, 2019 - 3:21 pm Canada, Closing Bell Story, Energy News, Midstream, MLP News, MLPs
Who Beats? Who Misses? BAM: It’s Earnings Season (Again) – Here are the Q1 2019 Oil & Gas Company Estimates

Who Beats? Who Misses? BAM: It’s Earnings Season (Again) – Here are the Q1 2019 Oil & Gas Company Estimates

Seems like just yesterday it was Q4 reporting season. But time between quarterly earnings reports accelerates within the public company universe, and Q1 reporting season is here. EnerCom, Inc. has compiled first quarter earnings per share, revenue, EBITDA and cash flow per share analyst consensus estimates on 95 E&P and 76 Oilfield Service companies in the EnerCom database. Download EnerCom’s full chart of estimates. Listen to Q1 earnings calls. The median E&P company earnings estimate for the quarter ending March 31, 2019, is $0.13 per share compared to actual earnings per share of $0.33 and $0.11 for Q4’18 and Q3’18, respectively. The median OilServices company earnings estimate for the quarter ending March 31, 2019… Login or click here to subscribe Username or E-mail Password Remember Me     Forgot Password

Efficiency Stagnating in Key Shale Basins

Efficiency Stagnating in Key Shale Basins

EERC down for fourth straight month By Richard Rostad, analyst, Oil & Gas 360 Oil & Gas 360 has released its latest Effective Rig Count, evaluating the state of drilling activity and reported production from the major shale basins. The Effective Rig Count fell once again in March, with an effective 51 rigs coming offline in the month. The major shale basins have a combined 2,723 effective rigs, meaning current drilling activity is equivalent to 2,723 rigs from January 2014. This is the fourth straight decline in national Effective Rig Count, as decreasing activity levels combined with shifting efficiencies. Oil and gas companies have made many improvements in the technologies and techniques of shale development since 2014,… Login or click here to subscribe

New Mexico Drilling Boom Hits Multi-Decade Milestone

New Mexico Drilling Boom Hits Multi-Decade Milestone

New Mexico rig count exceeds Oklahoma’s for first time in at least 28 years By Richard Rostad, analyst, Oil & Gas 360 Drilling activity decreased in the U.S. this week, according to the latest edition of Baker Hughes Weekly Rig Count. A net three rigs shut down in the week, leaving 1,022 rigs active in the country. Four land-based rigs came offline, while one offshore rig began drilling. This week’s shift once again pushes land drilling below the 1,000 rig milestone, as 996 rigs are currently operating. Drillers shifted away from gas this week, with five gas-targeting rigs coming offline. Two oil rigs started drilling in the week, so there are now 833 oil and 189 gas-targeting rigs in the country. Shifts strongly favored di… Login or click here to subscribe

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U.S. FERC Approves EPIC Oil Pipeline Rates, Interim Service to Begin Mid-2019

From Reuters U.S. energy regulators on Thursday approved the rate structure and terms of service for EPIC Crude Pipeline LP’s new 900,000 barrels per day (bpd) line from the Permian basin to Corpus Christi, Texas, subject to some conditions. EPIC plans to provide interim service by mid-2019 and place the line into service during the fourth quarter, according to a filing with the Federal Energy Regulatory Commission (FERC). FERC granted EPIC’s proposal to provide interim service. The line will be constructed and placed into service in two phases, including an interim one in which it will lease capacity from an adjacent natural gas liquids (NGL) pipeline, and a secondary mainline construction phase. The interim service will transport crude from Crane, Texas and possibly other points in Texas, to existing terminals in Corpus Christi. Two segments of the NGL system have been placed into service and the third segment is scheduled[Read More…]

April 12, 2019 - 5:53 pm Closing Bell Story, Crude Oil News, Energy News, MLP News
Trump Said to Seek Limit on State Power Over Pipelines

Trump Said to Seek Limit on State Power Over Pipelines

From Bloomberg Developers have been trying for six years to build a 124-mile natural gas pipeline from Pennsylvania to New York. Despite winning a federal approval in 2014, the project is still no closer to reality. Enter President Donald Trump, who on Wednesday is poised to issue an executive order to promote projects like the long-stalled Constitution Pipeline, according to people familiar with the matter who asked for anonymity to discuss it before a formal announcement. The move seeks to short-circuit regulators in New York who have denied the planned pipeline a crucial permit, invoking their powers under the Clean Water Act to reject projects they deem a threat to water supplies and the environment. Other states and tribes have wielded the power to restrict a coal export terminal and hydropower project on the U.S. West Coast. The Clean Water Act wasn’t “intended to give a state veto power,” said[Read More…]

TransCanada Explores Sale Of $1 Billion Appalachian Pipeline Unit

TransCanada Explores Sale Of $1 Billion Appalachian Pipeline Unit

From Reuters Pipeline operator TransCanada Corp is exploring a potential sale of its Columbia Midstream unit in a deal that could value the business at about $1 billion, three sources aware of the matter said on Friday. TransCanada, based in Calgary, Alberta, is offloading parts of its infrastructure to help finance the $8 billion it has earmarked to spend on new projects in 2019, such as the high-profile Coastal GasLink system and the Keystone XL pipeline, which are likely to generate higher returns than these legacy assets. A sale of Columbia Midstream is not guaranteed, and TransCanada’s plans could still change, the sources cautioned, asking not to be named because the information is private. A spokesman for TransCanada declined to comment. Columbia Midstream’s assets include four gathering systems and a pipeline in eastern Ohio and western Pennsylvania, according to the company’s website. The unit generates around $100 million of earnings[Read More…]

April 8, 2019 - 4:23 pm Closing Bell Story, Midstream, MLP News, Natural Gas News
U.S. Drilling Comes Roaring Back

U.S. Drilling Comes Roaring Back

Texas, Permian add 16 rigs By Richard Rostad, analyst, Oil & Gas 360 American oil and gas activity increased sharply this week after falling for six weeks in a row, according to Baker Hughes. A net 19 rigs started drilling in the week, bringing the national total to 1,025. This increase partially reverses the past six-week slide, when a total of 45 rigs shut down. Nineteen land-based rigs started drilling this week, while one inland waters rig came online and one offshore rig shut down. There are now exactly 1,000 land rigs active in the U.S., after activity fell below that milestone in the past two weeks. Both oil and gas-targeting rigs increased activity this week, with 15 oil and four gas rigs starting operations. Oil no… Login or click here to subscribe

Texas Rig Count Slides For 12th Week In A Row

Texas Rig Count Slides For 12th Week In A Row

Overall activity down 10 By Richard Rostad, analyst, Oil & Gas 360 Drilling activity continued to fall this week as operators continue to adapt to lower oil prices, according to Baker Hughes Rig Count. A net ten rigs came offline in the week, equal to the drop seen last week and the sixth decline in a row. There are now 1,006 rigs active in the U.S., the lowest national rig count in nearly a year. Current activity is nearly even with that of one year ago, and today’s rig count is only up 13 year-over-year. A total of 12 land-based and one inland waters rig shut down this week, while three offshore rigs started operations. There are currently 981 land, two inland waters and 23 offshore rigs active in the country. The offshore activity level is the highest of 2019, though such rigs only account for 2% of all drilling[Read More…]

Source: Keystone-XL

Trump Takes Fresh Approach with Long-Delayed Keystone XL Pipeline

From Reuters U.S. President Donald Trump on Friday signed a new permission for TransCanada Corp to build the long-delayed Keystone pipeline for imports of Canadian oil, replacing his previous permits in a fresh attempt to get around the blocking of the $8 billion project by a court in Montana. In granting the permission, Trump revoked a previous permit for the pipeline issued in March 2017 and an executive order approving the project he issued two days after taking office in January that year. It was not immediately clear whether under the new approval the pipeline, which would carry 800,000 barrels per day of crude from Canada’s oil sands to refineries along the U.S. Gulf of Mexico, would have to undergo extensive new environmental reviews. The Keystone XL pipeline has been pending for more than a decade after environmental reviews and after former President Barack Obama rejected the project saying it[Read More…]

March 29, 2019 - 5:30 pm Closing Bell Story, Crude Oil News, Midstream, MLP News, MLPs
Source: Enbridge

Minnesota Regulator Confirms Approval of Enbridge Oil Pipeline

From Reuters A Minnesota regulator has confirmed its approval of Enbridge Inc’s Line 3 crude oil pipeline replacement, allowing the $7 billion project to move forward, the company said on Wednesday. The Minnesota Public Utilities Commission initially approved Enbridge’s plan to rebuild the aging 1,031-mile (1,660 km) pipeline that runs from Alberta in Western Canada to the U.S. state of Wisconsin in June, but that decision was challenged by Minnesota’s governor in February. On Tuesday the PUC denied all petitions asking for its decision to be reconsidered, according to minutes of the meeting. Minnesota PUC spokesman Dan Wolf said a formal order will be issued soon. “The PUC confirmed its decision to approve the conditions placed on L3R’s (Line 3 Replacement) Certificate of Need – conditions meant to protect Minnesotans – allowing this critical energy infrastructure modernization project to move forward,” Enbridge said in a statement. The decision clears a[Read More…]

March 27, 2019 - 3:30 pm Closing Bell Story, Crude Oil News, Energy News, MLP News
Source: Virginia Mercury

Duke Energy Needs ‘Plan B’ If Atlantic Coast Pipeline Fails, CEO Says

From Bloomberg Duke Energy Corp. will need another way to shuttle natural gas to customers in the U.S. Southeast if the troubled Atlantic Coast shale pipeline fails to overcome legal setbacks, Chief Executive Officer Lynn Good said. “Atlantic Coast pipeline was sized and designed with a time frame to meet the needs of our customers,” Good said Monday in an interview with Bloomberg Television at the BNEF Summit in New York. That time frame is in limbo after a federal appeals court vacated key permits that allowed the pipeline to cross the Appalachian Trail, a decision lead developer Dominion Energy Inc. is planning to appeal to the Supreme Court. Atlantic Coast has seen its start date pushed back several times and its price tag balloon to as much as $7.5 billion. Construction has been stopped since late last year. If the embattled conduit fails to prevail, a potential Plan B could include a[Read More…]

Land Rig Count Drops Below 1,000

Land Rig Count Drops Below 1,000

Five declines in a row By Richard Rostad, analyst, Oil & Gas 360 Drilling activity in the U.S. continues to reel from the Q4 oil price decline, based on the most recent edition of Baker Hughes Weekly Rig Count. A net ten rigs shut down this week, meaning a total of 35 rigs have shut down in five straight weeks of declining activity. There are now 1,016 rigs drilling in the U.S., even with last April’s activity level. Land-based rigs have dropped below 1,000 again, as eight shut down this week leaving 993 active. Inland waters activity held steady in the week, while two offshore rigs came offline. Oil-targeting rigs accounted for most of the decline this week, as nine stopped drilling while only one gas-targeting rig shu… Login or click here to subscribe

Williams and Canada Pension Plan to form US$3.8 Billion Joint Venture

Williams and Canada Pension Plan to form US$3.8 Billion Joint Venture

Williams and Canada Pension Plan Investment Board to form a US$3.8 Billion Strategic Joint Venture Partnership in the Marcellus/Utica Basins

March 18, 2019 - 8:30 pm Closing Bell Story, MLP News, Press Releases
Permian, Appalachian Basins Show Largest Production Growth

Permian, Appalachian Basins Show Largest Production Growth

But Anadarko Basin faces declining production as drilling slows By Richard Rostad, analyst, Oil & Gas 360 Oil & Gas 360 has released its latest Effective Rig Count, evaluating the state of drilling activity and reported production from the major shale basins. The Effective Rig Count continued to slide in February, dropping by 33 to 2,782. This indicates that it would require 2,782 rigs from January 2014 to match current activity levels in the major shale basins. This is the third ERC decline in a row, as rig activity declines in the wake of the Q4 2018 price decline and major basins wrestle with constraints. Improvements in technologies and techniques have significantly increased efficiencies since the downturn began. These enha… Login or click here to subscribe

Photo by Mike Goldwater"

Wastewater – Private Equity’s New Black Gold in U.S. Shale

From Reuters Mike Christensen strides among rows of gleaming steel tanks, pointing to pipelines that arrive from miles around to this corner of former farmland near Midland, Texas, the heart of the largest oil patch in the United States. His company is one of dozens opening sites like this one that handles, not the lucrative oil, but the shale industry’s dirty secret: wastewater. While U.S. oil production has reached record levels on account of the shale revolution of the last decade, much of the supporting infrastructure has failed to keep up, including how to transport the large quantities of water used in the hydraulic fracturing process and the water that is produced from wells alongside oil and gas. Once managed individually by energy producers, the job of supplying, collecting and disposing of water is a rising cost, and has spawned a $34 billion a year business in the U.S. that[Read More…]

March 18, 2019 - 12:41 pm Closing Bell Story, Energy News, Midstream, MLP News, MLPs
Fourth Week of Declining Rig Activity

Fourth Week of Declining Rig Activity

One rig comes offline as operations shift By Richard Rostad, analyst, Oil & Gas 360 U.S. drilling activity declined yet again this week, the fourth decline in a row, according to Baker Hughes’ Weekly Rig Count. A net one rig shut down this week, a far smaller decline than the 11 that came offline last week. There are now a total of 1,026 rigs active in the U.S. The activity slide remains concentrated in land rigs, with three land-based rigs coming offline. Two inland waters rigs shut down, while offshore activity held flat. Land-based rigs are on the cusp of falling below 1,000 once again, with only 1,001 currently operational. This is the lowest activity level since April. Land activity continues to dominate, however, as ther… Login or click here to subscribe

Equitrans Midstream’s Unit to Buy Gas Pipeline Assets For $1.03 Billion

Equitrans Midstream’s Unit to Buy Gas Pipeline Assets For $1.03 Billion

From Reuters U.S. pipeline operator Equitrans Midstream Corp’s unit on Thursday signed a deal worth $1.03 billion to take control of two pipelines that connect the Marcellus and Utica shale basins, the nation’s biggest gas producing region. The unit, EQM Midstream Partners LP, will buy a 60 percent stake in Eureka Midstream Holdings LLC and whole of Hornet Midstream Holdings LLC, from a fund managed by Morgan Stanley. EQM will pay $860 million in cash and assume $170 million of debt, as part of the deal. Gas companies have been betting heavily on pipeline infrastructure in the Utica and Marcellus shale basins, which span across Pennsylvania, Ohio and West Virginia, after a resurgence in drilling activity over the last few years led to tight pipeline capacity. Eureka Midstream is a 190-mile gathering pipeline system in Ohio and West Virginia that services both Utica and Marcellus production, while Hornet Midstream is[Read More…]

How a Russian Gas Pipeline Is Driving a Wedge Between the U.S. and Its Allies

How a Russian Gas Pipeline Is Driving a Wedge Between the U.S. and Its Allies

From The Wall Street Journal Angela Merkel and her advisers, before a visit to the White House last spring, agreed on a priority: Avoid talk of Nord Stream 2. The German-Russian pipeline project had been a bone of contention between Berlin and Washington, which fears it will make Europe’s largest economy excessively reliant on Russian energy. When the German chancellor took her seat at the Oval Office table, though, President Trump left her nowhere to hide. “Angela,” he said, according to people in the room, “you got to stop buying gas from Putin.” A year later, work continues on the gas link under the Baltic Sea financed by several Western firms and PAO Gazprom , the Russian state-controlled energy company. The dispute is coming to a head, in a graphic example of how Russia’s estrangement from the West, far from bringing its members closer, is driving a wedge between the closest of allies. The Trump administration[Read More…]

March 11, 2019 - 1:17 pm Closing Bell Story, Energy News, MLP News, Natural Gas News
Source: Enbridge

Enbridge Pipeline Delay Spooks Traders in Long-Term Canada Crude Market

From Reuters North American energy traders are reluctant to take up long-term positions on Canadian crude price moves, preferring to stick to spot deals, as uncertainty around government intervention in the market grows following delays to a critical pipeline project. Enbridge Inc unexpectedly said earlier this month its Line 3 oil pipeline will be delayed until the second half of 2020, dealing another blow to the oil-rich province of Alberta, which is struggling with long-running congestion on export pipelines. Severe pipeline bottlenecks depressed Canadian heavy oil prices to the weakest on record last year, prompting the Alberta government to order mandatory production cuts effective Jan. 1, a move that sent prices sky-rocketing and traders scrambling to cover positions. While some producers welcomed the government cuts, others including Suncor Energy and Imperial Oil criticized the move for causing uncertainty and unintended consequences, such as disrupting rail shipments of crude. Imperial declined[Read More…]

Source: WPX

Ohio Rig Count Drops 28%

U.S. rig count drops by 11 By Richard Rostad, analyst, Oil & Gas 360 Drilling activity continued to decline this week, the third drop in a row according to the Baker Hughes Weekly Rig Count. A net eleven rigs came offline in the week, dropping the national total to 1,027. The total U.S. rig count has fallen by 56 since the last week of December, a 5% decrease. The drop in activity means the current rig count is only 43 higher than that of this time last year. This is the lowest yearly growth since January 2017. All eleven rigs were land-based this week, with inland waters and offshore activity holding steady. There are currently 1,004 land-based rigs active in the country, compared to one inland waters and 22 offshore rigs. … Login or click here to subscribe

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International Rig Count at Highest Level since January 2016

Offshore activity continues its climb By Richard Rostad, analyst, Oil & Gas 360 International drilling activity increased slightly in February, according to the latest edition of Baker Hughes’ International Rig Count. A net three international rigs came online in the month, after falling by one in January. With 1,027 rigs running, the international rig count is at the highest level since January 2016, when activity was still falling from the oil price downturn. Land-based activity continued to slide, with five such rigs coming offline in the month. Eight offshore rigs started drilling in the month, bringing the international total to 777 land and 250 offshore. Oil drilling is favored Operations shifted in favor of oil drilli… Login or click here to subscribe

Courtesy of Enbridge

Canada Oil Industry Takes Fresh Hit With Key Pipeline Delay

From Bloomberg Canada’s already beaten-down oil industry is facing a fresh setback as regulatory issues bog down another key pipeline project. The roughly one-year delay to Enbridge Inc.’s expansion of its Line 3 conduit, announced late Friday, threatens to prolong a shortage of pipeline space that has made it difficult for Canada’s drillers to ship their crude to refineries. That pinch caused a crisis in the industry last year, sending local oil prices to record lows and prompting the government of Alberta to embark on an unprecedented intervention in the market. Enbridge’s Line 3, which would help move 370,000 more barrels of crude out of Alberta, is particularly important because the province’s government was counting on it to help end mandated production cuts. The delay may scramble plans for drillers who were counting on the line and shift investors’ focus to efforts by producers and Alberta’s government to move more crude by rail.[Read More…]

March 4, 2019 - 12:46 pm Canada, Closing Bell Story, Energy News, MLP News
Rigs Move To California

Rigs Move To California

Texas, Oklahoma and New Mexico are down 61 rigs since November By Richard Rostad, analyst, Oil & Gas 360 Drilling activity fell in the U.S. this week, the second drop in a row according to Baker Hughes Weekly Rig Count. A net nine rigs came offline in the past week, bringing the national rig count to 1,038 rigs. Eleven land-based and one inland waters rig came offline, while three offshore rigs started operations. Land-based and overall U.S. drilling activity are at the lowest point in ten months. Drilling shifted sharply away from oil, as ten oil-targeting rigs came offline in the week. One gas-targeting rig started operations, so gas now accounts for 195 rigs or 18.8% of the national total. Like overall activity, the number … Login or click here to subscribe

ArcLight Capital Weighs Sale of Republic Midstream

ArcLight Capital Weighs Sale of Republic Midstream

From Bloomberg ArcLight Capital Partners LLC is considering a sale of Republic Midstream LLC, an oil pipeline operator in the Eagle Ford shale of South Texas that could fetch about $600 million, according to people familiar with the matter. The Boston-based private equity firm is working with an adviser on the potential sale, said the people, who asked not to be named because the discussions aren’t public. No decision has been made and ArcLight may opt to keep the company, they said. A representative for ArcLight declined to comment. A representative for Republic Midstream didn’t immediately respond to a request for comment. Republic Midstream operates a 28-mile oil gathering pipeline that feeds Kinder Morgan Inc.’s Dewitt Station, according to its website. It also has a crude storage facility with a capacity of 300,000 barrels. ArcLight formed Republic Midstream in 2014 with a commitment to invest up to $400 million to build oil-handling infrastructure serving[Read More…]

February 27, 2019 - 5:38 pm Closing Bell Story, Energy News, Midstream, MLP News
Regulator Backs Canada’s Trans Mountain Pipeline Expansion

Regulator Backs Canada’s Trans Mountain Pipeline Expansion

From Bloomberg Canada’s energy regulator recommended approval of the government-owned Trans Mountain pipeline expansion, clearing one of the major obstacles for the project to move forward. The National Energy Board said in its report released Friday that it would impose 156 conditions on the project if the government ultimately approves it, and the regulator made an additional 16 non-binding recommendations to the government. The government of Canada had directed the NEB to look at the project again, examining in particular marine shipping risks, after a court ruling last August struck down its initial approval from 2016. The NEB’s recommendation represents one of two key hurdles that Trans Mountain — a highly anticipated lifeline for Alberta’s pipeline-starved oil producers — needed to clear in order to move forward after the federal court found the project’s regulatory review was inadequate. The government also was required to conduct more consultations with indigenous people along its route, and[Read More…]

February 25, 2019 - 3:03 pm Canada, Closing Bell Story, Crude Oil News, Energy News, Midstream, MLP News
Drilling Rigs Continue to Drop Across North America

Drilling Rigs Continue to Drop Across North America

Rig counts fall in top four states By Richard Rostad, analyst, Oil & Gas 360 Drilling activity fell in the U.S. and Canada this week, as producers continue to adapt to lower oil prices, according to Baker Hughes, which tracks drilling activity every week. A net four rigs shut down in the week, leaving 1,047 rigs active in the U.S. Two land and offshore rigs came offline, while inland waters activity held flat. Land-based drilling now accounts for 1,026 rigs in the country, compared to two inland waters and 19 offshore rigs. Drilling shifted away from oil targets this week, as four such rigs shut down. Gas-targeting activity held flat in the week, so gas targets now make up 18.5% of all drilling. Unconventional activity incr… Login or click here to subscribe

Canadian Heavy Crude Slips With Pipeline Rationing Set to Rise

Canadian Heavy Crude Slips With Pipeline Rationing Set to Rise

From Bloomberg Heavy Canadian crude prices widened to the biggest discount against New York futures this year as pipeline-operator Enbridge Inc. reported that rationing on its heavy oil lines would increase next month. Western Canadian Select, an oil sands benchmark, traded at $15 a barrel below West Texas Intermediate futures Tuesday, $1.50 wider than on Friday and the biggest discount this year, according to data compiled by Bloomberg. The discount widened as Enbridge said that crude shipments through the heavy oil pipelines of its Mainline, which is the largest Canadian oil export pipeline system, would be apportioned 41 percent in March, up from 39 percent in February. The system carries oil from Alberta to Superior, Wisconsin, where it connects to other lines linked to refineries in the U.S. Gulf Coast. Pipeline rationing on the system has barely budged since the provincial government announced mandatory production curtailments totaling 325,000 barrels a day in January and February, which[Read More…]

February 20, 2019 - 5:06 pm Canada, Closing Bell Story, Crude Oil News, Energy News, Midstream, MLP News
U.S. Drilling Efficiency Slides in Major Basins

U.S. Drilling Efficiency Slides in Major Basins

Permian expected to hit 4 MMBOPD in March By Richard Rostad, analyst, Oil & Gas 360 EnerCom has released its latest Effective Rig Count, linking the state of drilling activity and the reported production from the major shale basins. Oil and gas companies have significantly improved efficiencies during and after the downturn, and each rig in the major shale basins is yielding 2.9 times as much production as rigs from January 2014, the pre- downturn benchmark. However, trouble in major basins is reversing some of the gains achieved. The Effective Rig Count declined by 80 in January, the second drop in a row. The EERC now stands at 2,793, down 128 from the November 2018 peak of 2,921. An Effective Rig Count of 2,793 means it would requ… Login or click here to subscribe

U.S. Rig Count Up, But Most Major States See Activity Fall

U.S. Rig Count Up, But Most Major States See Activity Fall

U.S. drilling up two, Louisiana adds four By Richard Rostad, analyst, Oil & Gas 360 Drilling activity rose in the U.S. this week, marking the second week of modest increases in a row, according to Baker Hughes. A net two rigs began drilling in the U.S. in the week, bringing the national total to 1,051 rigs. Land activity declined by one, while one inland waters and two offshore rigs began drilling. There are now 1,028 land, two inland waters and 21 offshore rigs active in the U.S. Activity shifted slightly in favor of oil this week, with three oil rigs coming online while one gas-targeting rig shut down. While drilling targets were relatively stable in the week, trajectories shifted dramatically. A total of 12 directional r… Login or click here to subscribe