-1.9% Land Rig Decline, Rigs Stabilizing?

-1.9% Land Rig Decline, Rigs Stabilizing?

The Baker Hughes US Land Rig Count declined to 979 down -1.9% this week. Only 19 rigs were released this week, and based on the last month of rig activity, the drop in rigs may be stabilizing. WTI ended this week at $49.90 per barrel. Here’s a summary chart for the week:

energent-rig-count-april-3-2015

Summary of Shale Play Rig Counts

  • Permian Basin -1.7% to 285 rigs compared to last week’s 290 rigs
  • Eagle Ford stayed flat this week at 137 rigs
  • Williston Basin -6.2% to 91 from last week’s 97 rigs
  • Marcellus stayed flat this week at 70 rigs
  • Mississippian -7.0% to 40 from last week’s 43 rigs
  • DJ-Niobrara stayed flat this week at 30 rigs
  • Utica stayed -3.3% to 29 rigs compared to 30 rigs last week
  • Cana Woodford stayed flat at 40 rigs this week
  • Haynesville -9.4% to 29 from last week’s 32 rigs

energent-rig-shale-map-april-3-2015

 

The above Lower 48 rig heat map shows the key counties where rig activity is greatest (dark blue) compared to other areas with only a few rigs (light blue). The top county in North Dakota, McKenzie County, currently has 40 rigs, down from 62 a year ago. The top county in Texas, Midland County, has 31 rigs, down from 33 a year ago. The top county in Colorado, Weld County, has 27 rigs, down from 47 a year ago.

In all, the top three counties in the U.S. currently have 98 rigs between them and make up 10% of the total rig count. This is not an insignificant amount as it shows how concentrated production is regionally and locally.

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