U.S. rig count falls by 15

The number of rigs operating in the United States continued to decline in the week ended October 20, 2017, according to Baker Hughes.

The company reported a total rig count of 913, down 15 from the previous week. All the rigs laid down this week were onshore with those offshore and drilling inland waters remaining unchanged at 20 and one, respectively.

The 15 rigs taken out of service over the course of the week were nearly evenly split with seven of them targeting oil and the remaining eight drilling for gas. In total, there were 16 rigs taken offline this week, but one additional directional rig added to offset the losses. Of those no longer operating this week, 15 were horizontal and one was vertical.

Currently, there are 736 oil-targeting rigs and 177 gas-targeting rigs for an oil/gas split of 80.6% and 19.4%.

Baker Hughes Rig Count for the week ended October 20, 2017

Permian drops six

The Permian had the largest losses this week with a six-rig decline. The basin remains the most-active in the country by a wide margin, however, with 378 rigs. The next-most active region is the Eagle Ford with 65 rigs, up two from last week. The Haynesville and Arkoma Woodford both reported fewer rigs this week as well, losing three and one rig(s) respectively. In addition to the Eagle Ford, the Cana Woodford also reported two new rigs this week.

While the rig count has been steadily declining in recent weeks, activity remains higher in every basin with the exception of the Fayetteville. Currently, there are no active rigs in the Fayetteville compared to one this time last year. All other basins have at least one additional active rig compared to this time last year, and the total U.S. rig count is 360 rigs higher this week compared to the same time last year.

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