A weekly U.S. rig count provided by Enverus Rig Analytics showed the Granite Wash in Oklahoma and the Texas Panhandle hasn’t been this active since 2019.
Drilling down to the play level, multiple under-the-radar areas have seen notable increases as the rig count has climbed. The Granite Wash hasn’t been this active since 3Q19, with the current count of 14 rigs up from just one—operated my Mewbourne Oil—a year ago. A total of 11 companies are now running rigs in the play, with Mewbourne still the most active at three.
The STACK and SCOOP plays in Oklahoma have also seen considerable gains in rig numbers. Enverus reported the STACK is plus 12 to 20 while the SCOOP is up 12 to 21 rigs.
The U.S. rig count increased by one in the last week to 721 as of Feb. 9, according to Enverus Rig Analytics, putting it 2% above where it was a month ago and up 69% YOY. The daily count reached as high as 734 during the week, compared to a peak of 724 during the prior week. The count hasn’t been as high as 734 since late March 2020 and is about 100 rigs below the 2020 high before the pandemic decimated drilling activity.
Drilling down to the play level, multiple under-the-radar areas have seen notable increases as the rig count has climbed. The Granite Wash hasn’t been this active since 3Q19, with the current count of 14 rigs up from just one—operated my Mewbourne Oil—a year ago. A total of 11 companies are now running rigs in the play, with Mewbourne still the most active at three.
The Eaglebine has seen a nine-rig increase in the last year to a total of 11 as of Feb. 9. This southeast Texas play stretches across Fayette, Brazos, Washington and Lee counties. Similar to the Granite Wash, 10 operators are drilling but only one is running multiple rigs—Magnolia Oil & Gas with a two-rig program. This company has been shifting operations from its Karnes acreage in the traditional Eagle Ford core to its Giddings area, which lies in the Eaglebine.
In Utah, the Uinta Basin has added eight rigs YOY and now has 11 running. The basin hasn’t had this much drilling activity in almost 4.5 years. Six companies are actively drilling in Duchesne and Uinta counties, with four firms running multiple rigs. Private equity-backed XCL Resources is running three rigs, while EP Energy, Finley Resources and Koda Resources are running two each.
Other plays tallying increases of 100% or more YOY include the Barnett (plus six to nine), Bakken (plus 20 to 33) and Eagle Ford (plus 29 to 58). In absolute terms, the Midland and Delaware basins have added the most rigs—42 and 41, respectively—to reach totals of 127 and 146 rigs.