Eagle Ford down 17 Rigs Compared to Last Year
Rig count remains an important indicator of oil and gas activity; however, the drops in oil prices reflect a changing dynamic in the industry. With oil prices declining, many expect to see rig count drop significantly by the end of the year. Our view is that there will likely be some leveling off this year but not a significant amount until 2015 budgets are set.
This week Permian Basin is -3 compared to last week and +95 compared to last year at this time. Eagle Ford is +1 compared to last week and -17 compared to last year. Click here to see the weekly insights report.
Bakken has 188 rigs running -5 from last week but +9 compared to a year ago. The Marcellus shale gained 3 rigs this week and is -7 compared to last year.
Mississippian shale play was -2 this week and even compared to last year. Niobrara is -5 this week and +8 from a year ago. These 6 shale plays account for 63% of the rig activity in the U.S.
Find out more by checking out our insights to Baker Hughes Rig Count report.