A modest six land-based rigs returned to service in the United States during the week ending Friday, according to Baker Hughes Inc. That was enough to push the current tally to 640, five rigs past the year-ago level. More rigs are coming back this year, and that will mean increased pricing power for oilfield services companies, analysts said.
Articles from Returned
More U.S. land-based drilling rigs returned to play in the Baker Hughes Inc. (BHI) rig count released Friday, but the pace of return slowed from the previous week, and only one natural gas unit came back. The Permian Basin turned in another strong showing, but producers were heading for the exit in the Barnett.
U.S. land-based rigs continued their march back to the oil patch, according to Friday’s Baker Hughes Inc. (BHI) rig count. The Permian Basin led gains among plays, adding four rigs; and Texas added the most rigs among states, three.
Texas and Alaska had the most to gain from the bounce at the bottom of the long-running rig count decline as eight U.S. land-based drilling rigs returned to play during the week ending June 3, according to Baker Hughes Inc. (BHI). Natural gas rigs, however, missed the party.
Goodrich Petroleum Corp.’s Tuscaloosa Marine Shale (TMS) development is continuing, and the company has high hopes for the play. Meanwhile, it has returned to completing wells in the Haynesville Shale in anticipation of higher natural gas prices.
Freeport-McMoRan Copper & Gold on Wednesday returned to its U.S. energy roots with a $9 billion cash-and-stock offer to buy Plains Exploration & Production Co. (PXP), a leading unconventional producer, and McMoRan Exploration Co.
Baker Hughes Inc. is seeing some deterioration in U.S. natural gas liquids (NGL) drilling activity, but activity in the Gulf of Mexico (GOM) has returned to pre-moratorium levels, CEO Martin Craighead told analysts on Friday.
The Pennsylvania Game Commission (PGC) is opening about one-sixth of a game reserve in Bradford County, in the heart of the Marcellus Shale, to oil and natural gas leasing.