Fourteenth week adding rigs

The recovery in U.S. drilling activity shows no signs of slowing, according to Baker Hughes’ weekly rig count. Active rigs in the U.S. increased by 10 this week, the fourteenth straight increase, bringing the total number of rigs in the U.S. to 857. This is nearly double the 431 rigs that were operating this time last year.

Oil and gas-targeting rigs each added five this week, which is somewhat surprising considering the recent resurgence in oil drilling. Current totals indicate 688 and 167 oil and gas rigs, respectively. Horizontal rigs continue to dominate U.S. activity, adding 12 to end the week with 718 active rigs. Two vertical rigs came online this week, while four directional rigs shut down.

As in previous weeks, rigs continue to move to Texas. Six rigs came online in the Lone Star State, bringing its total to 426 active rigs. Wyoming, North Dakota, Alaska, Colorado and Pennsylvania each added one rig this week, while one came offline in Oklahoma.

The Eagle Ford added the most rigs this week, with three coming online to bring its total to 78. The Barnett, DJ-Niobrara, Granite Wash, Marcellus, Permian and Williston basins each added one rig this week, and one went offline in the Cana Woodford.

Rig Growth Continues

Active Horizontal Rigs    Source: Baker Hughes

Canadian rigs continued their spring decline, dropping by 19 to a total of 99 this week. Despite losing 242 rigs since the February peak of 341, Canada still has more rigs active than it did at this point last year. Baker Hughes reports that this week in 2016 saw a mere 40 rigs active in Canada, 59 less than are online now.

Rig Growth Continues

Source: Baker Hughes

Legal Notice