oilfield insights

-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:Summary of Shale Play Rig CountsPermian 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...

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US Crude Inventories Rise, Land Rigs Decline

The Baker Hughes US Land Rig Count declined to 1,015 down -4.3% this week. WTI fluctuated this week ending around $46 per barrel. Here's a summary chart for the week:Summary of Shale Play Rig CountsPermian Basin -6.1% to 292 rigs compared to last week’s 311 rigs Eagle Ford -5.5% to 138 rigs compared to 146 the prior week Williston Basin -4.8% to 99 from last week’s 104 rigs Marcellus +9.5% to 69 from the previous week's 63 rigs Mississippian +4.8% to 44 rigs from last week's 42 rigs DJ-Niobrara 3.1%...

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Land Rigs down to 800 by Summer?

The Baker Hughes US Land Rig Count declined to 1,058 down -5.6% this week. WTI fluctuated today hovering around $45 per barrel. Here's a summary chart for the past week:Summary of Shale Play Rig CountsPermian Basin -6.6% to 311 rigs compared to last week’s 333 rigs Eagle Ford -2.0% to 146 rigs compared to 149 the prior week Williston Basin -3.7% to 104 from last week’s 108 rigs Marcellus +1.6% to 63 from the previous week's 62 rigs Mississippian -4.5% to 42 from last week's 44 rigs DJ-Niobrara -5.9% to 32...

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Rig Count Declines -3.8% along with Oilfield Businesses

The Baker Hughes US Land Rig Count declined to 1196, down -3.8% this week. WTI fluctuated this week and ended just below $50 per barrel. Here's a summary chart for the week:Summary of Shale Play Rig CountsPermian Basin -1.9% to 355 rigs compared to last week’s 362 rigs Eagle Ford -1.9% losing -3 rigs to 157 rigs compared to 160 the prior week Williston Basin -12 rigs to 111, down -9.8% compared to last week’s 123 rigs Mississippian -2.1% bringing the count down to 47 active...

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Gas Plays Show Stability but Land Rig Declines -3.5% to 1243

The Baker Hughes US Rig Count for land rigs has declined slightly this week -3.5% to 1243 rigs with 42 of the 45 rigs released being horizontal.The Mississippian has continued to drop rigs, bringing the count down to 48 rigs this week, losing -6 rigs or -11.1% compared to last week. Of the 6 rigs dropped 5 of them were horizontal and had depths of less then 10K.The Williston Basin fell -5 rigs or -3.9% compared to last week to...

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Rig Counts down -26% since Start of 2015

The Baker Hughes US Rig Count for land rigs remains in a downturn, dropping 7.1% this week to 1288 rigs compared to last week. The rig counts are down -25.76% from the start of 2015 when the count was at 1735 rigs.Texas has felt the biggest hit, decreasing their count by -56 rigs or -8.6% this week, dropping over half of the rigs for this week. The largest changes happened in the Permian Basin and the Barnett Shale, which lost...

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$22 Billion Cut from 2015 E&P Budgets

There has been a lot of activity within E&P operators' budgets for 2015 in the face of low oil prices in the market. So far, about $22 billion has been cut from initial 2015 budgets, with more updates on the way. Continental Reduces Bakken Spend by $1 Billion Continental Resources (NYSE: CLR) has been chipping away at their budget. Their initial $4.6 billion budget for 2015 has been revised -41.3% to $2.7 billion. This revision shows a reversal in their strategy as they had originally announced a 1.1% increase...

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Embracing a Changing Upstream Market, US Land Rigs down -85

The Baker Hughes US Rig Count for land rigs continued to drop to 1387 rigs, down -5.8% or -85 rigs compared to last week, with 80 of the 85 rigs being horizontal. WTI oil prices ended the week higher than last, settling at $51.78. Bloomberg market reports point to the shale bust beginning now as companies cut budgets, layoff employees, and begin asking service companies for price reductions. The changing market conditions will force many companies out. US Land Rigs Down -5.8%A...

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