Highest rig count since April 2015
U.S. rigs, driven by shale activity, continued their relentless climb this week, according to Baker Hughes’ Weekly Rig Count.
The total number of rigs active in the U.S. increased by 11, bringing the U.S. total to 927 rigs. This is 513 more than were active at this point last year, and is the highest U.S. rig count since late April 2015.
Land rigs increased by 13 in the U.S., while inland waters and offshore each saw one rig come offline. Land-based rigs are over 900 again, closing the week at 902.
The number of active U.S. oil-targeting rigs is now 741, up eight from last week. Gas-targeting rigs increased as well, adding three to end the week at 185.
Horizontal rigs up for 30 weeks
The horizontal rigs that are most suited to shale development continue to grow quickly, adding nine this week. Horizontal rigs have seen sustained growth for even longer than the overall rig count, as this week is the 30th-straight week of additional horizontal rigs. Directional rigs lost two this week, while four vertical rigs came online.
Vertical rigs fell sharply in 2008-2009 and never recovered, while horizontal exploded in 2010-2014
Rig count growth in Texas appears to be slowing, and the state saw three rigs come offline in the last week. Rigs have been relatively consistent in the Lone Star State for the last four weeks, hovering around the current count of 460.
Oklahoma saw the largest single increase in rig count this week, adding five to end the week with 131. Closely following was New Mexico, with four additional rigs. Ohio and West Virginia both added two, and Pennsylvania, Utah, Louisiana and Wyoming added one. One rig came offline in Colorado, while two shut down in Alaska.
Most of the major basins individually tracked by Baker Hughes saw some change in rig count this week. Despite the decrease in the Texas rig count, the Permian continues to grow. Four more rigs were added in the basin this week, bringing the total to 368. The Cana Woodford also saw significant growth, adding four rigs. The Marcellus and Utica each added two rigs, while one rig came online in the Barnett, Granite Wash, Haynesville and Mississippian. One rig shut down in both the Ardmore Woodford and the DJ-Niobrara, and the Eagle Ford lost two.
