Active Rig Count - Sept 11

[dan_s]

Baker Hughes reports that the active rig count in North America dropped by 18 last week.

U.S. rigs drilling for oil dropped by 10.

U.S. rigs drilling horizontal wells dropped by 11

The number of rigs drilling for oil in the U.S. peaked at 1,609 in October, 2014. Today the number of rigs drilling for oil is 652 and falling. I have been looking at individual companies all week and half of them have released rigs or plan to in Q4. A higher percentage have stopped completing wells.

The number of wells completed in the U.S. during the 4th quarter will not come close to replacing the production declines of the wells completed in the first three quarters of this year.