The U.S. oil and gas rig count rose by one to 593 for the week ending February 28 according to Baker Hughes, closing the month with four consecutive weeks of increases and a total gain of 11 rigs for the month. Rig additions occurred in the Permian (+1), Eagle Ford (+1), and Haynesville (+1) basins, while declines were reported in the Gulf of Mexico (-1) and All Other (-1). Over the past 90 days, the total U.S. rig count has increased by 11, though it remains 36 rigs below the level from the same week a year ago. Oil-directed rigs dropped by two to 486, gas-directed rigs rose by three to 102, and miscellaneous rigs held steady at five.
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- Analyst Insight
After Five Consecutive Weeks Of Growth, Rig Count Starts March With Small Decline
After five consecutive weeks of gains, US oil and gas rig count began the month of March with a small decline, falling by one rig to 592 for the week ending March 7 according to Baker Hughes. Rigs were added in the Eagle Ford (+1) and Gulf of Mexico (+1), while the Haynesville (-2) and Permian (-1) both lost rigs. Total US rig count is up three in the last 90 days, and down 30 vs. this week a year ago. Gas-directed rigs fell to 101 (-1) this week, while oil-directed rigs were flat at 486 and miscellaneous rigs held at five.
- Analyst Insight
US Rig Count Posts Gain Of One In Another Uneventful Week
In another uneventful week for US oil and gas rig count, total rigs climbed to 593 for the week ending March 21 according to Baker Hughes data. Rigs were added in the Anadarko (+2) and All Other (+1), while the Permian (-1) and Bakken (-1) both posted weekly declines. Total US rig count is up four in the last 90 days, and down 31 rigs from this week a year ago. Oil-directed rigs declined by one this week to 486, while gas-directed rigs added two and stand at 102, and miscellaneous rigs were flat at five.
- Analyst Insight
Rig Count Continues To Slide, Falls Below 650 For First Time Since Early 2022
The slow decline for US oil and gas rig count continued this week, with total rig count at 642 for the week ending August 18, a decline of 12 vs. a week ago according to Baker Hughes. No basins added rigs, while most posted declines including Appalachia (-3), Anadarko (-2), Bakken (-2), Haynesville (-1), Niobrara (-1), Gulf of Mexico (-1) and All Other (-2). Total rig count is down 78 in the past 90 days, and down 120 vs. this week one year ago.
