Onshore Drillers

[dan_s]

According to Baker Hughes data from October 25th, 2013, the U.S rig count for this week is 1,738 rigs exploring for or developing oil or natural gas. This count is a decrease of 1 rig when compared to last week, with oil rigs down 4 to 1,357 rigs, gas rigs up 4 to 376 rigs, and miscellaneous rigs down 1 to 5 rigs. Compared to last year the 1,738 count is a decrease of 88 rigs, with oil rigs down by 51, gas rigs down by 40, and miscellaneous rigs up by 3.

The Canadian rig count increased by 16 to 404 rigs this week, with oil rigs up 14 to 249 rigs, and gas rigs up 2 to 155 rigs. Compared to last year the 404 count is an increase of 34 rigs, with oil rigs down by 32, gas rigs up by 67, and miscellaneous rigs down by 1. International rigs increased by 17 to 1,284 rigs for the month of September, an increase of 30 rigs from the same month one year ago.

I am expecting the active rig count to go up in 2014. I track a lot of E&P companies and most of them are indicating that they will expand capital spending next year and drill more wells. - dan