Count of U.S. Working Oil Rigs Holds Steady at 318

The total U.S. rig count continued its downward trend this week, but rigs targeting oil remained steady at 318. In past weeks, the majority of the rig count decline has been in the rigs targeting crude oil, rather than natural gas. The total rig count this week fell to 404, down two from last week.

Rigs drilling for gas made up all of the declines this week. There are now just 85 active rigs pursuing natural gas in the United States, down 137 from this time last year.

On a basin-by-basin basis, the Barnett saw the largest decline with three fewer rigs active in the region. The Eagle Ford and Mississippian both reported two fewer rigs, and the Williston reported one less rig this week compared to last. The Permian saw three additional rigs this week, while the Cana Woodford added two, and the DJ and the Haynesville each added one.

The Fayetteville is currently the only basin without a single drilling rig, but several other basins are in the low single-digits. The Ardmore Woodford has just one rig, the Arkoma Woodford and Barnett two each, the Mississippian reported three this week and the Granite Wash has four.

Rig Count May 20 line

Baker Hughes total rig count

Permian Still King

The Permian remains the most active basin in the U.S., with 137 active rigs, more than one hundred more than the next most active basin, the Eagle Ford, which reported 31 rigs for the week ended May 20, 2016.

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