Baker Hughes reports that that active rig count in the United States remained at 787. Active land rigs declined by 2 and offshore rigs increased by 2.
United States
Rigs drilling for oil declined by 1 to 594, compared to 1,595 a year ago.
Rigs drilling for gas increased by 1 to 193, compared to 332 a year ago.
Canada added 9 rigs
Rigs drilling for oil increased by 8 to 84, compared to 232 a year ago
Rigs drilling for gas increased by 1 to 106, compared to 194 a year ago.
The active rig count is way below what it takes to keep North American production flat. Oil and gas production is on steep decline. Adding to the decline is the fact that many upstream companies are not completing the wells they have drilled, especially horizontal wells where completions are very expensive.
Active Rig Count - October 23
Active Rig Count - October 23
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group