BHI Land Rig Count Climbs +2.1%, Adding +17 Oil Rigs

BHI Land Rig Count Climbs +2.1%, Adding +17 Oil Rigs

WTI crude continued its slump in July, entering the month at $56.96 and hovering just above $48 today. In a change of pace this week, the BHI land rig count jumped +2.1% to 830 rigs, from the past week’s 813 rigs.

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Image Source: Bloomberg.com

Oil rigs were the driving factor this week, adding +17 rigs, while gas rigs stayed flat at 206 rigs. Operators are expected to react to the recent price slump in their Q2 earnings reports and meetings over the next couple weeks.

Looking at the counts by wellbore, the horizontal and vertical rig count added +19 rigs, to bring the total to 779. The directional rig count fell by -2 rigs, bringing the total to 51 rigs.

Permian Increases Active Rigs for Fourth Week in a Row

The oil rig count in the Permian and Granite Wash increased by +3 rigs each, bringing the totals to 244 rigs and 18 rigs, respectively, with the Permian holding 39% of the total oil rigs in the lower 48. Oil rigs increased +2.6% in the Eagle Ford to 79, up from 77 rigs last week. Cana Woodford also added +2 rigs, bringing the count to 31 rigs from the previous 29.

Haynesville improved by +11.5% over last week, adding +3 gas rigs. In the Utica, the count rose by +1 rig or +4.5%.

Summary of Shale Plays

  • Permian Basin +1.2% to 245 rigs, compared to last week’s 242 rigs
  • Eagle Ford +2.0% to 100 rigs, from last week’s 98 rigs
  • Williston Basin +1.4% to 70 rigs, from last week’s 69 rigs
  • Marcellus stayed flat at 59 rigs
  • Mississippian stayed flat at 19 rigs
  • DJ-Niobrara stayed flat at 31 rigs
  • Utica +4.5% to 23, from last week’s 22 rigs
  • Cana Woodford +6.5% to 33 rigs, from last week’s 31 rigs
  • Haynesville +11.5% to 29 rigs, from last week’s 27 rigs
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