Following last week's plunge, US oil and gas rig count continued to decline for the week ending May 19, falling to 720 rigs, a decline of 11 vs. a week ago according to Baker Hughes. Basins reporting declines included the Permian (-4), Eagle Ford (-3), Niobrara (-1), Gulf of Mexico (-1) and All Other (-2). No basins reported gains this week. Total US rig count is down 40 in the last 90 days, and 11 below this same week a year 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 Continues To Fall, Dropping to 682
US Oil and Gas rig count continued to decline this week, falling to 682 rigs for the week ending June 23 according to Baker Hughes.
- Analyst Insight
US Rig Count Posts Small Weekly Decline, Falls To 588
Following last week's gains, US oil and gas rig count fell this week, declining by two rigs vs. a week ago and falling to 588 for the week ending September 20 according to Baker Hughes. One rig was added in the Permian, while the Niobrara, Gulf of Mexico, and All Other each lost one rig. Total US rig count is flat in the last 90 days, and down 42 from this week a year ago. Oil-directed rigs (488) were flat for the week, while gas-directed rigs (96) and miscellaneous rigs (4) both declined by one vs. a week ago.
