Rigs

U.S. natural gas drilling activity is but 58% of what it was a year ago, according to the latest rig census from Baker Hughes Inc., which was released Friday.

The Eagle Ford Shale saw the departure of four drilling rigs in the latest count compiled by Baker Hughes Inc. and released on Friday, Oct. 16. At 76 rigs, the Eagle Ford is a far cry from its year-ago rig census of 209 units running.

The combination of weak prices for both oil and natural gas are setting the market up for a struggle by U.S. onshore production to outperform expectations for the first time since the rise of shale drilling, a Societe Generale analyst said in a note Thursday.

Basic Energy Services Inc., which provides pressure pumping services across the U.S. onshore, has slashed prices across all of its business lines to protect market share “as much as possible,” said CEO Roe Patterson.

These days, no one could accuse U.S. land drilling rigs of sticking around where they’re not wanted. Rigs keep departing, and analysts say more need to go. Only some of them will return — and not for a while, they say.

These days, no one could accuse U.S. land drilling rigs of sticking around where they’re not wanted. Rigs keep departing, and analysts say more need to go. Only some of them will return — and not for a while, they say.

Houston-based Patterson-UTI Energy Inc., whose subsidiaries provide onshore contract drilling and pressure pumping services to producers in North America, saw its U.S. rig count fall month/month in September by 7%.

The count of active U.S. drilling rigs plummeted by 29 units, almost 3.5%, to rest at 809 in the latest count by Baker Hughes Inc. for the week ending Oct. 2. Canada added a net of three rigs to bring the North American rig decline to minus 26, about 2.56% down from the prior week.

The count of active U.S. drilling rigs plummeted by 29 units, almost 3.5%, to rest at 809 in the latest count by Baker Hughes Inc. for the week ending Oct. 2. Canada added a net of three rigs to bring the North American rig decline to minus 26, about 2.56% down from the prior week.