US oil and gas rig count grew for the second consecutive week, climbing to 629 for the week ending March 1 according to Baker Hughes, a gain of three vs. a week ago. Rigs were added in the Permian (+1), Anadarko (+1), Appalachia (+1), Gulf of Mexico (+1) and All Other (+1) while the Haynesville (-2) was the only basin to lose rigs. Total US rig count is up four in the last 90 days, and down 120 compared to this week a year ago. Rigs in oil directed basins grew to 506 (+3), while lower gas prices continued to impact rig count in gas directed basins which fell to 119 (-1). Miscellaneous rigs increased by one vs. a week ago.
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- 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.
- Analyst Insight
US Rig Count Makes Gains Led By Gas Directed Rig Activity
US oil and gas rig count climbed to 623 for the week ending Febuary 9 according to Baker Hughes, a gain of four vs. a week ago. Rigs were added in the Permian (+2), Haynesville (+2), Appalachia (+2) and Gulf of Mexico (+2), while the Anadarko (-1) and All Other (-3) saw declines. Gas directed rigs were responsible for all of this weeks gains, climbing from 117 a week ago to 121, while oil directed rigs (499) and miscellaneous rigs (3) were flat vs. last week. Total US rig count is up 7 in the last 90 days and down 138 from this week a year ago.
- Analyst Insight
US Rig Count Climbs On Small Gains In Multiple Basins
US oil and gas rig count increased for the second consecutive week, adding four rigs vs. a week ago and climbing to 586 for the week ending February 7 according to Baker Hughes data. Rigs were added in the Haynesville (+2), Eagle Ford (+1), Niobrara (+1), Gulf of Mexico (+1) and All Other (+1), while the Anadarko (-1) was the only basin to post a loss. Total US rig count is up one in the last 90 days and down 37 vs. this week a year ago. Oil-directed rigs climbed to 480 (+1) this week, with gas-directed rigs at 100 (+2) and miscellaneous rigs at 6 (+1).
