Investors ignore Biden’s attacks—rig count increases

 

While the Biden administration attacked the oil and gas industry with cancellation of the Keystone XL and the suspension of new drilling permits on federal lands, investors apparently are not shying away from putting their money in new drilling, as reflected by the latest Baker Hughes rig count.

 

Baker Hughes Co. reported an increase in drilling activity across the U.S. in the past week while numbers were unchanged in Oklahoma at only 17 rigs.

Nationally, the count increased by 5 to 402 while in Canada, the rig count dropped by 9 to 163 rigs.

The U.S. count showed an increase of four more oil rigs to reach 309 while the number of gas-drilling rigs increased one to 92. However, the total rig count in the U.S. is down 388 from the 790 reported one year ago, including a drop of 369 oil rigs and 18 gas rigs.

The number of off-shore rigs increased by one to 17 in the past week.

Oklahoma’s count of 17 last week compared to 48 last year at this time. Texas saw an increase of three rigs to 197, far below the 400 reported one year earlier.

New Mexico’s count grew by one to 62 while Louisiana was unchanged at 47 and North Dakota remained at 14 rigs.

The Red Top Rig Report published by the Independent Oil and Gas Service in Wichita said the Kansas rig count was 15, a drop of one from a week earlier.

Colorado’s numbers stayed at 8 while Ohio was unchanged at 7. Pennsylvania saw an increase of two to 20 rigs while West Virginia’s numbers dropped by one to 11 rigs.

Wyoming continued with five rigs.

The Woodford plays in Oklahoma remain silent with no drilling activity. The Granite Wash in the state is the same while the Mississippian play has no reported drilling activity, at least based on the Baker Hughes report.

The Permian Basin activity increased by four rigs to 208.

The D-J Basin in Colorado remained at 7 rigs while the Eagle Ford of South Texas continued with 29 rigs. The Haynesville was unchanged at 46 rigs while the Marcellus increased its count by one to reach 31 rigs.

The Utica stayed at 7 rigs and the Williston in North Dakota and Montana continued unchanged at 14 rigs.

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