Nation’s rig count increases along with crude oil prices

 

With oil prices at the $55 a-barrel range, the U.S. rig count increased by 5 in the past week to reach 378 while Oklahoma’s count was unchanged at 17 working oil and gas rigs. The resulting conclusion—there are still a lot of rigs in storage according to the latest weekly numbers from Baker Hughes Co.

The nation’s growth included two more oil rigs to reach 289 and the number of gas rigs grew by 3 to 88. The U.S. is still 416 below the 794 rigs reported one year ago. The decline in the past year included 387 oil rigs and 27 gas rigs.

Oklahoma’s count of 17 compares to 53 in January of 2020.

Texas saw an increase of six rigs to reach 175, far below the 397 rigs reported one year ago in the state. Colorado was unchanged n the past week with 8 rigs. Louisiana stayed at 47.

The Red Top Rig Report published by the Independent Oil and Gas Service in Wichita reported the Kansas count slipped by two to 11.

New Mexico’s count fell by 5 to 65 while North Dakota increased its numbers by one to 11. Pennsylvania’s rig count dropped one to 18.

West Virginia increased by one to 12. Wyoming stayed at four working rigs.

Of the oil plays, Oklahoma’s Arkoma and Ardmore Woodfords, according to the Baker Hughes report had no active rigs.

Colorado’s DJ Basin stayed at 7 while the Eagle Ford of South Texas continued with 28. The Haynesville count increased by one to 45.

The Marcellus was unchanged at 30. The Mississippian in Oklahoma and Southern Kansas had no reported drilling activity.

The Permian in West Texas and Southeast New Mexico saw a drop of one rig to 188 compared to the 405 reported there a year ago.

The Utica saw a one-rig growth to five while the Williston increased by one to 11 working rigs.

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