U.S. rig count increased in past week

 

The US rig count rose by seven in the last week to 321 as of Oct. 14 according to the latest Enverus Drillinginfo Daily Rig Count.

Enverus said the count is up 2% in the past week and 13% in the last month but still down 63% from a year ago.

The most significant weekly rig increases by major basin were in the Permian (up four to 129), Gulf Coast (up four to 31) and Appalachia (up three to 35).

After averaging seven rigs during Q3, Pioneer Natural Resources added an eighth rig in the Permian during the second week of October.

Mewbourne Oil has also ramped up rig activity in the Permian during October, with four rigs running compared to the Q3 average of two.

After averaging two rigs last quarter, Endeavor Energy Resources doubled activity to four rigs. Also, Tap Rock Operating rose to four rigs in mid-October after running two rigs for Q2 and Q3.

Several Permian operators are back in action after dropping to zero rigs earlier this year. Among these, Burnett Oil activated a rig Oct. 14 for the first time since March 2, and Spur Energy Partners added a rig at the end of September, resuming drilling after halting in early April.

Source: Enverus

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