Active Rig Count continues to fall - Nov 25
Posted: Mon Nov 25, 2019 12:26 pm
Last Friday’s Baker Hughes rig count shows that the U.S. active drilling rig count declined by 3, resulting in the total count falling to 803 rigs. < Keep in mind that Raymond James' forecast that U.S. oil production will increase by 52,000 BOPD in 2020 presented at our December 13th Hess Club Luncheon is based on an active rig count of 850 next year.
The number of rigs drilling for oil is down 24.2% from one year ago to just 671. My WAG is that we need at least 800 rigs drilling for oil just to hold U.S. production flat.
For a breakdown of the active rig count go here: https://rigcount.bakerhughes.com/na-rig-count
The number of rigs drilling for oil is down 24.2% from one year ago to just 671. My WAG is that we need at least 800 rigs drilling for oil just to hold U.S. production flat.
For a breakdown of the active rig count go here: https://rigcount.bakerhughes.com/na-rig-count