984 rigs currently drilling, highest since April 2015
U.S. drilling activity rose slightly once again this week, marking the third-straight week of mild increases in activity, according to Baker Hughes’ Weekly Rig Count.
The total number of rigs operational increased by three to 984, meaning rigs have risen by three for each of the past three weeks. Four land-based rigs came online, while one offshore rig shut down. There are now a total of 967 land, four inland waters and 13 offshore rigs drilling in the U.S.
Largest shift away from oil since March 2016
Drilling activity shifted significantly in favor of gas this week, as Oil-targeting rigs dropped for the first time since January. Seven gas-targeting rigs came online and four oil-targeting rigs shut down in the week. This is the largest net shift away from oil since March 2016, when fifteen oil-targeting rigs ceased activities and three gas-targeting rigs began drilling.
Rig trajectories showed only minor changes this week, as two vertical and one horizontal rig came online while directional activity was unchanged. There are now 848 horizontal, 75 directional and 61 vertical rigs drilling in the U.S.
Activity concentrated in Texas once again, as seven rigs moved to the Lone Star State this week. Three came online in North Dakota, while one began operations in Colorado and Pennsylvania. One shut down in Louisiana, New Mexico and Utah, while two came offline in Alaska and four ceased activity in Oklahoma.
Like last week, minor basins not tracked individually by Baker showed the largest increase in rig count this week, adding three rigs. The Williston also added three, ending the week at 51 rigs, the highest activity levels since October. Two rigs also came online in the Permian, while one began operations in the Arkoma Woodford and Marcellus. The DJ-Niobrara saw one rig shut down, while operations dropped significantly in the Cana Woodford, where six rigs ceased activity.
