U.S. rig count is growing, particularly in the Permian, as OPEC appears to be complying The United States rig count grew by 35 in the week ended January 20, 2017, according to Baker Hughes Industries (ticker: BHI). The total count now sits just below 700 at 694, according to the group. The current count is now 57 rigs higher than
Permian rig count growth a boon to Texas’s overall economy Dallas-based Comerica Bank (ticker: CMA), released its Texas Economic Activity Index last week, saying its measure of the Texas economy advanced for a second consecutive month, gaining 0.4 percentage points in October to a level of 91.0. September’s index reading was 90.6. October’s index reading is 25%, above the index cyclical
The U.S. rig count hits 665, one rig higher than at this time last year The recovery in oil prices has spurred operators in the United States to add more rigs to the active fleet. This has pushed the total number of rigs higher in the first week of 2017 than the first week of last year, as prices continued
U.S. rig count down 40 from the start of the year The number of rigs drilling in the United States plummeted along with crude oil prices from the end of 2014 through the first half of this year. Lower prices made many hydrocarbon resources in the ground uneconomical to produce, reducing the demand for rigs. As prices have recovered, the
Canadian rig activity spurs North American drilling to year-ago levels Oil and gas drilling activity continues to increase in North America following the decision by OPEC to cut production. The number of active rigs in both the U.S. and Canada increased again this week according to information from Baker Hughes Industries, raising the total rig count in North America to
Total U.S. rig count climbs up again The number of rigs continued to rise this week following OPEC’s agreement to cut 1.2 MMBOPD of production. The total number of active rigs in the United States reached 597 for the week ended December 2, 2016, according to Baker Hughes Industries (ticker: BHI), up four from last week. The number of rigs
The Marcellus sees the majority of the increased drilling activity last week The number of rigs actively drilling in the United States continued to climb ahead of Thanksgiving, according to Baker Hughes Industries (ticker: BHI). The company, which releases a weekly update on drilling in North America every Friday, put out information on the number of active rigs last Wednesday
Permian still on the rise The Permian basin now holds nearly as many active oil rigs as the rest of the United States combined, including both onshore and offshore rigs, according to the EIA. The agency projects that crude oil production from the Permian will increase for a third consecutive month in its upcoming reporting period. Last Friday’s rig count release from
The U.S. added 14 more rigs to its active fleet this week The active rig count in the United States continued to climb this week as oil prices remained above $50 per barrel. The majority of the new activity came from the Permian Basin this week where capital has been flooding as operators look for the most profitable margins. Baker
The Permian rig count fell in a week when overall activity increased The number of rigs actively drilling in the United States Rose again in the week ended September 9, with the total rig count climbing 11 to 508, according to information released by Baker Hughes Industries (ticker: BHI). The total rig count is currently 340 rigs (40%) lower than
Oil prices bounced around today on a variety on news entering the market. All eyes were on Janet Yellen who spoke this morning from a symposium in Jackson Hole, Wyoming. Speculation on when and if the Fed will raise rates has influenced the strength of the U.S. dollar. News of a Yemeni missile strike on Saudi Arabia boosted prices for
Baker Hughes released an updated rig count today. This week’s count saw a shift in the oil and gas split, with oil rigs increasing by seven rigs while gas rigs fell by five. The rig additions were solely horizontal, with eight horizontal rigs added to the mix, directional rigs fell by four, and vertical rigs fell by three. Looking at
