Active Rig Count - May 29

[dan_s]

Baker Hughes rig count for the week ended May 29, 2015

The total number of rigs in the United States fell to 875 in the week ended May 29, 2015, according to the most recent numbers released by Baker Hughes (ticker: BHI). The rig counts fell approximately 1% from last week when they stood at 885.

The number of rigs drilling for oil fell 2% to 646 from 659. The number of rigs drilling for gas rose slightly to 225 from 222 last week. The number of rigs drilling for gas in the U.S. has stayed in the same seven-rig range for nine consecutive weeks while oil rigs continue to trend downward.

In October, 2014 the number of rigs drilling for oil peaked at 1,609.

The largest decline in the last week was seen in Texas, which lost four rigs, followed by California, which laid down three rigs last week. Arkansas, Louisiana and Pennsylvania all lost two rigs while North Dakota lost one. Colorado and Oklahoma each added two rigs to their counts, while Alaska and New Mexico added one each.
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Let me be clear. There is ZERO chance that U.S. oil production can be maintained at current levels with the active rig count this low. All the BS you see that rigs are more efficient these days is wishful thinking. U.S. oil production will soon be falling and the rate of decline will accelerate in the 3rd quarter. - Dan