Drilling Rig Count in Unconventional Basins

Rig Declines Moderate, Particularly in Eagle Ford, Permian

The liquids-rich Eagle Ford Shale and Permian Basin got something of a reprieve from substantial rig count declines in the latest census by Baker Hughes Inc. as the pullback across all basins was more modest than in recent weekly reports. Meanwhile, analysts are detecting positive trends for crude prices. Read More

Texas Rig Count Proves Again: The Bigger They Are...

The count of active rigs drilling for either oil or natural gas in the Lone Star State busted below the 400 barrier in the latest Baker Hughes Inc. rig count as the rout continued in the nation's oil patch. The U.S. crude-directed rig count fell 31 to 703 in the latest count. Read More

Analysts See Bottom Nearing on Rig Count Decline

Rig counts are still declining, but they appear to be stabilizing, according to analysts at Wunderlich Securities Inc. Presumably, exploration and production (E&P) companies are working within their right-sized budgets for 2015, they said in a note on oilfield services companies Thursday. Read More

Rigs Drop Faster in 'Lower For Longer' Environment

"Lower for longer" is a phrase applied quite a bit of late to oil prices, but it applies to drilling rigs, too. In a Thursday note on oilfield services companies, analysts at Cowen and Company called an early third quarter bottom of about 900 to the Lower 48 U.S. rig count. But don't expect there to be a bounce from there as much has changed in the industry. Read More

Rigs: Fewer Falling, Many Waiting to Return

As with the overall rig count, declines occurring in U.S. unconventional basins appear to be leveling off, according to Baker Hughes Inc. data for the week ending Thursday April 2, and NGI analysis. However, the downturn has cut the rig census by roughly half, and there are plenty of high-efficiency rigs ready to get back in the game, analysts said. Read More

Rigs: One More Count Away From Down by Half?

If the Baker Hughes Inc. rotary rig count for North America during the March 23-27 week drops by 113, the tally of active rigs will be half of what it was a year ago. The count for the week ending March 20 shows a decline of 136 rigs in North America at 1,209 active, and that's down 983 from one year ago. Read More