US oil and gas rig count declined to its lowest levels since January 2022, falling by eight rigs to 605 for the week ending May 3 according to Baker Hughes. Rigs were added in the Gulf of Mexico (+1), while the Eagle Ford (-3), Permian (-1) and All Other (-6) all posted declines. Within the All Other group, rigs in the Alaska North Slope (ANS) were the most significant contributor to this week's losses, falling by four vs. a week ago to eight this week. Total US rig count is down 14 in the last 90 days, and down 143 from this week a year ago.
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- 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 Declines By 6 vs. Week Ago, Dips To Lowest Level In Two Years
US oil and gas rig count fell to 613 for the week ending April 26, a decline of six vs. last week according to Baker Hughes. This marks the lowest level for the US rig count since February 2022. Rig count declined in the Gulf of Mexico (-3), Permian (-1), Appalachia (-1) and Niobrara (-1), while no basins posted gains. Total rig count is down eight in the last 90 days, and down 142 from the same week a year ago. Oil-directed rigs at 506 (-5) led this week's losses, while gas-directed rigs 105 (-1) fared slightly better.
- Analyst Insight
Permian Basin Leads Decline In US Rig Count
The Permian Basin led this week's decline in oil and gas rig count with total US rigs falling to 632, a decline of 10 vs. a week ago according to Baker Hughes.
