Active Rig Count - Feb 12

[dan_s]

The number of active rigs working in North America dropped another 50 this week.

United States
Rigs drilling for oil down 28 to 439, compared to 1,609 in October, 2014 and 1,056 a year ago
Rigs drilling for gas down 2 to 102, compared to 300 a year ago
Rigs drilling in the Gulf of Mexico down 1 to 25, compared to 50 a year ago

To hold production flat we need ~1,000 rigs drilling for oil and 300 rigs drilling for gas.

EIA Drilling Productivity Report: http://www.eia.gov/petroleum/drilling/#tabs-summary-2

U.S. natural gas market will be 5-6 Bcf per day tighter when we get to next winter.