Drillers

[dan_s]

The US drilling rig count edged up 2 units to reach 1,929 rigs working during the week ended Oct. 31, Baker Hughes Inc. reported. Land rigs increased 3 units to 1,862 while rigs drilling in inland waters edged up 1 unit to 14. Offshore rigs decreased 2 units to 53. Gas rigs jumped 14 units to 346, but that was almost offset by a 13-unit fall in oil rigs to 1,582.

[mkarpoff]

Should we take anything from this? I see you hold some drillers.

[dan_s]

See the Drillers Watch List under the Watch List Tab. I like PDS and PTEN. UNT (in our Sweet 16) is on the list, but it is really an E&P company that happens to have a drilling company as a subsidiary. UNT has a lot of natural gas production. I like their exposure to the big SCOOP and STACK plays in Oklahoma.

Wait until you see what CLR has to say about SCOOP this week.