The U.S. natural gas rig count dropped two units to fall to 144 for the week ended Friday, extending a months-long downtrend, according to the latest data from Baker Hughes, a GE Company (BHGE).
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Domestic oil and natural gas producers dropped six land rigs as of Wednesday (Nov. 21) from a week earlier, but gains in Canada and the Gulf of Mexico lifted the overall North American count by four, according to data compiled by Baker Hughes, a GE Company (BHGE).
U.S. oil and gas drilling permits climbed 23% year/year in October and were up 39% from September, a strong sign that activity is likely to improve early next year, Evercore ISI said Thursday.
The U.S. rig count grew by four to 1,067 for the week ended Friday (Oct. 19), driven by gains in oil drilling and featuring a sharp uptick in Texas, according to data from Baker Hughes, a GE Company (BHGE).
The U.S. natural gas rig count added two units during the week just ended, according to Baker Hughes Inc. (BHI). Six oil rigs were added. The gains were modest compared with some recent counts, and a slowing of rig additions could be on the way, some say.
The U.S. land-based rig count posted a modest gain of four during the week just ended, according to Baker Hughes Inc. (BHI), and the pace of rig gains could slow in the months ahead, according to some. Meanwhile, analysts are awaiting the additional gas supply yet to come from rigs already added.
Ten U.S. land-based drilling rigs returned to action during the week just ended, according to Baker Hughes Inc. (BHI). The week ended with 823 rigs active on land, more than twice the 409 that were running one year ago.
Ongoing drilling activity across the country along with well permitting in Texas and an improving employment outlook in Houston continue to point to a recovery for the oil and natural gas industry.
The dry gas Fayetteville Shale lost its only running rig during the week, according to the latest Baker Hughes Inc. rig count released Friday. But the Barnett Shale held onto its two, and the Haynesville added two more to bring its tally to 31.