940 rigs active in U.S.; Texas is the only state to add a rig

The longest streak of increasing drilling activity since at least 1986 has finally been broken, according Baker Hughes Weekly Rig Count.

The total number of rigs active in the U.S. dropped by one this week, marking the end of a 23 week long streak of increasing rig counts.

There are currently 940 rigs active in the U.S. Land-based rigs and inland water rigs were unchanged this week, with 915 and four rigs active, respectively. Offshore rigs dropped by one to end the week at 21.

Changes in target and inclination counts suggest that the offshore rig that shut down was an oil-targeting directional unit. The number of oil-targeting rigs in the U.S. dropped by two this week, while gas-targeting rigs increased by one. One directional rig shut down, while horizontal and vertical rigs each showed no net change in activity.

Changes among the states and basins tracked by Baker Hughes were minimal this week. Texas added one active rig, while Colorado and Alaska each had one shut down. Rig counts in all other U.S. states were flat this week.

Among the major basins tracked by Baker, the Permian, Arkoma Woodford and Haynesville each added one rig this week, while the Cana Woodford and DJ-Niobrara each lost one.

Rigs continue to recover in Canada, where 19 came online. Fourteen of these rigs are oil-targeting, while five target gas. In total, 112 oil-targeting and 77 gas-targeting rigs are active in Canada. This proportion is significantly different from the oil-gas split in the U.S. In Canada, 60% of all rigs target oil-bearing formations, while 40% of rigs target gas. In the U.S., by contrast, 80% of rigs target oil and only 20% target gas.

Rigs End 23-Week Climb: Streak Broken as Rig Count Drops by One

Source: Baker Hughes

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