US oil and gas rig count was clobbered this week, falling by 17 rigs to 731 for the week ending May 12, according to Baker Hughes. This weeks decline was led by gas focused basins, and represents the largest weekly decline in three years. The Gulf of Mexico (+2) was the only basin to add rigs, while rig count fell in the Appalachia (-4), Haynesville (-4), Anadarko (-3), Eagle Ford (-3), Permian (-3), Bakken (-1) and Niobrara (-1). Total US rig count has declined by 30 in the past 90 days, but is up 17 vs. the 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 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.
- Analyst Insight
EIA Reports Record US Crude Production As US Rig Count Begins November With Another Decline
US oil and gas rig count posted a weekly decline to open the month, falling by 7 vs. a week ago to 618 for the week ending November 3 according to Baker Hughes. Rigs were added in Appalachia (+1) and All Other (+2), while the Permian (-3), Gulf of Mexico (-3), Haynesville (-1), Anadarko (-1), Bakken (-1) and Niobrara (-1) all lost rigs. Total US rig count is down 41 in the last 90 days, and down 152 vs. this week a year ago.
