The U.S. dropped 21 active rigs in the last week for a count of 517 rigs as of May 19, according to Enverus Rig Analytics. The drop in rig numbers included Oklahoma’s Anadarko Basin.
The Austin, Texas-based company that computes rig counts stated that the count is flat on the month but still up 54% YOY. The wild week-over-week swing is likely primarily due to rigs moving between wells. Perhaps more meaningful, and indicating less volatility, the U.S. rig count averaged 530 in the last week compared to 534 the prior week.
According to Enverus, the Williston Basin is finally making some subtle but meaningful gains. Over the last four quarters (2Q20-1Q21), the play has averaged 10-13 active rigs, with daily counts not exceeding 15. On May 10, the count hit 18 rigs, the highest daily activity level since last May, and it has averaged 17 rigs throughout this month to date. While the increase doesn’t seem like much, it’s the first sign that the Bakken is in a recovery phase.