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Oil, Gas, Petrochemical and Energy Field Specialized Channel
Oil, Gas, Petrochemical and Energy Field Specialized Channel
Oil, Gas, Petrochemical and Energy Field Specialized Channel

Baker Hughes Rig Count Falls for Second Time in Three Weeks

The U.S. rig count is up 490 rigs from this time last year when it stood at 464, according to Baker Hughes.

After an eight-rig increase last week, the U.S. rig count has come down by four to 954, with oil rigs down one and gas rigs down by three.

The nation's active rotary rig count fell by four this week to 954 overall, according to a Friday, Aug. 4, report from Baker Hughes, a GE Co. The drop follows an eight-rig increase last week and is a positive sign for commodities as analysts recently have suggested the U.S. needs to curb its production rate in order for oil and gas prices to meaningfully increase. 

All-told, active oil-directed rigs decreased by one to 765 units and natural gas-directed rigs dropped by three to 189. The U.S. offshore rig count tumbled by seven this week to 17 units and is flat year over year, according to Baker Hughes

The Eagle Ford Shale of south Texas saw the greatest individual basin gain week over week with two new rigs coming online, while Oklahoma's Cana Woodford saw the most significant drop, falling by three. Overall, Texas saw the greatest uptick in rig activity with four rigs added, and Louisiana's drilling profile decreased the most with 5 rigs coming offline. 

The U.S. rig count is up 490 rigs from this time last year when it stood at 464, according to Baker Hughes. Oil rigs are up by 384 years over year, and gas rigs have climbed 108, while miscellaneous rigs are down by two.

According to analysts at Seaport Global Securities, comments made recently by bellwether drillers Patterson-UTI Energy Inc. and Helmerich & Payne Inc. indicated that rig count growth is flattening but the super specialized rig market remains tight. Seaport noted earlier this week that both companies have made significant upgrades to increase their super specialized rig fleets.

 

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