Active Rig Count - Dec 31
Posted: Fri Jan 01, 2016 1:46 pm
WOW > the active rig count in North America dropped by 45.
U.S. rig count dropped by 2 and Canadian rig count dropped by 43. Rigs drilling in Canada is now down to 83, compared to 208 a year ago. Normal for Canada is 400-500 rigs drilling in the winter. Canada's upstream companies are shutting it down. Rigs drilling for oil in Canada is now only 12. < This is stunning.
Rigs drilling for oil in the U.S. down by 2 to 536, compared to 1,482 a year ago and 1,609 in October, 2014.
Rigs drilling for gas in the U.S. stayed at 162, compared to 328 a year ago.
Permian Basin and SCOOP/STACK are the only areas in the U.S. where active rig count is holding up.
As long as WTI stays under $50/bbl, I expect the active rig count to continue falling.
North American oil and gas production is falling and the rate of decline will accelerate. We could loose up to 400,000 BOPD of stripper production over the next six months.
U.S. rig count dropped by 2 and Canadian rig count dropped by 43. Rigs drilling in Canada is now down to 83, compared to 208 a year ago. Normal for Canada is 400-500 rigs drilling in the winter. Canada's upstream companies are shutting it down. Rigs drilling for oil in Canada is now only 12. < This is stunning.
Rigs drilling for oil in the U.S. down by 2 to 536, compared to 1,482 a year ago and 1,609 in October, 2014.
Rigs drilling for gas in the U.S. stayed at 162, compared to 328 a year ago.
Permian Basin and SCOOP/STACK are the only areas in the U.S. where active rig count is holding up.
As long as WTI stays under $50/bbl, I expect the active rig count to continue falling.
North American oil and gas production is falling and the rate of decline will accelerate. We could loose up to 400,000 BOPD of stripper production over the next six months.