US oil and gas rig count declined to 586 for the week ending August 16, a decline of two vs. a week ago according to Baker Hughes. Rigs were added in the All Other group (+2), while the Anadarko (-1), Appalachia (-1), Haynesville (-1) and Permian (-1) all lost rigs. Total US rig count is down 18 in the last 90 days, and down 56 vs. this week a year ago. Oil-directed rigs (-2) declined to 483, while gas-directed rigs (+1) stand at 98 and miscellaneous rigs (-1) at 5.
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- Analyst Insight
Rig Count Climbs To 586, Erasing Last Week's Losses
US oil and gas rig count climbed to 586 for the week ending July 19, a gain of two vs. a week ago according to Baker Hughes. Rigs were added in the Eagle Ford (+1), Appalachia (+1) and All Other (+4), while the Haynesville (-1), Anadarko (-1), Niobrara (-1) and Gulf of Mexico (-1) all lost rigs. Within the All Other group, the Green River, Monterey Shale, Sacramento Basin, and Unita basins each added one rig. Total US rig count is down 33 in the last 90 days, and down 83 vs. this week a year ago. Oil-directed rigs declined this week to 477 (-1), while gas-directed rigs grew to 103 (+3) and miscellaneous rigs were flat at 6.
- Analyst Insight
US Rig Count Down Slightly Led By Anadarko, Permian, Eagle Ford Losses
US oil and gas rig count declined for the third consecutive week, falling to 588 for the week ending June 21 according to Baker Hughes, a decline of two vs. a week ago. Rigs were added in the Haynesville (+1) and Bakken (+1), while the Anadarko (-2), Permian (-1) and Eagle Ford (-1) all lost rigs. Total rig count is down 36 in the last 90 days, and down 94 vs. this week a year ago. Oil-directed rigs stand at 485 (-3), gas-directed rigs at 98, and miscellaneous rigs at 5 (+1).
- Analyst Insight
US Rig Count Posts Third Consecutive Decline To Close Month of August
US oil and gas rig count posted it's third consecutive weekly decline, dropping two rigs vs. a week ago and falling to 583 for the week ending August 30 according to Baker Hughes. Rigs were added in the Anadarko (+2), Eagle Ford (+1) and Gulf of Mexico (+1), while Appalachia (-2), Permian (-1), Haynesville (-1), Niobrara (-1) and All Other (-1) all lost rigs. Total US rig count is down 17 in the last 90 days, and down 48 from this week a year ago. Oil-directed rigs (483) were flat this week, while gas-directed rigs declined by two to 95.
Comments
With the ability to get more yeild per rig by Producers today, does rig count lose its importance in the "determination of good value" for energy in the future?