Daily GPI / Production / U.S. Rig Count Summary / Canadian Rig Count Summary

Oil Rigs Outpace NatGas in Return to Patch

Five U.S. natural gas rigs returned to service during the week ending March 31, but 10 oil-directed rigs came back, according to Baker Hughes Inc. (BHI).

The U.S. land-based oil and natural gas rig count rose by 11 units during the week. Texas and Louisiana were the biggest gainers among states, and the Permian led the pack among plays.

The Permian Basin added four rigs, bringing it to 319 actives by week’s end, up from 145 rigs one year ago. Texas had 411 rigs running at week’s end after adding seven. That’s more than twice the 204 rigs Texas had running one year ago. Louisiana added six rigs to end the week with 59, up from 47 one year ago.

The BHI U.S. land-based count ened the week at 798. Four rigs were plying the inland waters, and 22 were active offshore, after four came back during the week, for a total U.S. count of 824.

One-dozen directional rigs were joined by one-dozen horizontals in the march back to the patch, but nine vertical rigs left play.

In Canada, spring breakup season continued with the departure of 30 rigs. Fifteen oil and 14 natural gas rigs left, along with one miscellaneous rig, leaving 155 still turning to the right in Canada.

During the week the Railroad Commission of Texas (RRC) release preliminary production figures for January.

Texas production in January as reported to RRC was 75.33 million bbl of crude oil and 608.4 Bcf of total gas from oil and gas wells. These preliminary figures are based on production volumes reported by operators and will be updated as late and corrected production reports are received.

Production reported for January 2016, was 76.06 million bbl of crude oil, which was later updated to a current figure of 89.24 million bbl; and 612.60 Bcf of total gas, which was later updated to a current figure of 710.77 Bcf.

Texas preliminary January crude oil production averaged 2.43 million b/d, compared to the 2.45 million b/d average of January 2016. Texas preliminary January total gas production averaged 19.6 Bcf/d, compared to the 19.76 Bcf/d in January 2016. January production came from 166,839 oil wells and 91,847 gas wells.

RRC said that from February 2016 to January 2017, total Texas reported production was 976 million bbl of crude oil and 8 Tcf of total gas. Crude oil production is limited to oil produced from oil leases and does not include condensate, which is reported separately.

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