Platts - US oil, gas rig count jumps 9 to 528, with activity hike in smaller basins: Enverus

April 8, 2021 – S&P Global Platts

US oil, gas rig count jumps 9 to 528, with activity hike in smaller basins: Enverus

By: Starr Spencer

Overall, 2021 looks "very good" for US E&P companies, said Nicholas Cacchione, an analyst with consultancy RBN Energy.

"With the economy expected in recovery mode and travel poised to rebound, futures markets are indicating that oil and gas prices will remain strong throughout the rest of the year," Cacchione said in an April 7 industry note.

Cacchione expects E&P investment will be flat to slightly lower in 2021 after declining 50% last year, but not necessarily from less activity.

Instead, "this underscores the keen focus that we believe E&Ps will have on costs this year, given that the sector has debt to repay in order to repair impairment-ravaged balance sheets," he said.

Read the full article here: https://www.spglobal.com/platts/en/market-insights/latest-news/natural-gas/040821-us-oil-gas-rig-count-jumps-9-to-528-with-activity-hike-in-smaller-basins-enverus