US oil and gas rig count declined for the fourth consecutive week, falling to 617 for the week ending April 12, a decline of three vs. a week ago according to Baker Hughes data. The Permian, Eagle Ford and Gulf of Mexico each lost one rig this week, while no basins reported gains. Total US rig count is down two in the last 90 days, and down 131 from this week a year ago. Oil directed rigs fell to 506 (-2), while gas directed rigs fell to 109 (-1).
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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
Rigs Dip For Second Consecutive Week In June
US oil and gas rig count declined for the second consecutive week, falling to 590 for the week ending June 14, a decline of 4 vs. a week ago according to Baker Hughes. Rigs were added in the Eagle Ford (+1), while the Permian (-1), Haynesville (-1), Anadarko (-1), Gulf of Mexico (-1) and All Other (-1) all lost rigs. Total US rig count is down 39 in the last 90 days, and down 97 from this week a year ago. Oil-directed rigs fell to 488 (-4), while gas-directed rigs were flat at 98.
- 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.
