U.S. Oil and Gas, Overall Rig Counts Each Down 10

Oil & Natural Gas / Conventional Oil & Gas Resources / Exploration

Date posted: 11/22/15

Matt Zborowski reports that the U.S. drilling rig count lost 10 rigs, all targeting oil, to settle at 757 rigs working during the week ended Nov. 20, 2015, according to Baker Hughes Inc. data. The count is now at its lowest level since Apr. 19, 2002, and down 1,172 units year-over-year. Since Aug. 21, the overall count has fallen 128 units after a short-lived summer rebound. After rising last week for the first time in 11 weeks, oil-directed rigs now total 564, their lowest point since June 11, 2010, and down 1,010 year-over-year. Since Aug. 28, they’ve fallen 111 units. Gas-directed rigs were unchanged from a week ago at 193. Land-based rigs declined for the 13th straight week, dropping 6 units to 725, down 1,139 year-over-year. Rigs engaged in horizontal drilling fell 6 units 581, down 1,372 year-over-year. Directional drilling rigs decreased 3 units to 69. Offshore U.S. rigs dropped 3 units to 30. Four rigs went offline offshore Louisiana, while 1 went online offshore Texas. Rigs drilling in inland waters edged down a unit to 2. Canada also dropped 10 units this week, but most of those targeted gas. The country’s count is now 166, down 268 year-over-year. Gas-directed rigs lost 9 units to 99, while oil-directed rigs edged down a unit to 67. In the major oil- and gas-producing states, Oklahoma and Louisiana each declined 4 units to respective totals of 81 and 65. Oklahoma total is its fewest since Nov. 20, 2009, and down 133 year-over-year. Louisiana total ties its lowest level since BHI began tracking states rig counts in December 2000. The Mississippian dropped 3 units to 9, down 66 year-over-year. Colorado and Wyoming each dropped 3 units to 29 and 21, respectively. For Colorado, it is the state fewest since Mar. 14, 2003. The DJ-Niobrara edged down a unit to 27. West Virginia lost 2 units to 14. Ohio edged down a unit to 19.