oilfield insights

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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OXY & COP Slice $4.9 Billion from Budgets, WTI Closes at $48.24

The Baker Hughes US Rig Count for Land Rigs declined -5.5% this week to 1472 from 1557. The horizontal rig count dropped to 1160 down -63 from last week. The week ended on a positive note with the WTI closing at $48.24 per barrel.The overall horizontal rig count has declined -5.2% to 1160 from last week and -168 from January 2014. The most significant decline comes from the Permian, which dropped -10 rigs, and the Mississippian, which dropped -7 rigs compared to...

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US Land Rigs Down -2.7%, Bakken Pace Slowing

The Baker Hughes US Rig Count for Land Rigs declined -2.7% this week to 1557 from 1599. The horizontal rig count dropped to 1223 down -24 from last week. Vertical Rigs Continue to Drop The vertical rigs operating onshore are now down to 334, including the directional rigs. In January of 2014, there were 530 vertical rigs compared to this week's number of 334 that is -37% decline in activity.  Texas was hit hard, going from 310 last year to 186 a -40% decline....

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Land Rig Count Drops to 1599 as WTI Crude Increases to $48.45

US Land Rigs dropped -4.4% this week to 1599 from 1673, as reported in the weekly Baker Hughes Rig Count. The horizontal rig count dropped to 1247, a -3.6% decline in activity. WTI Crude edged up to $48.45. Top 3 Shale Plays Drop 33 Rigs Permian Basin is -15 compared to previous week and +9 compared to last year at this time. 30% of the US land rigs operate in the Permian Basin. Horizontal drilling activity remains strong with over 69% of the rigs drilling (see...

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Permian down 28 Rigs, US Land Rigs Drop to 1673

According to the Baker Hughes Rig Count, US Land Rigs declined -3.6% this week to 1673 from 1735.  The horizontal drilling activity is 77% of the total rig count. Permian Drops 28 Rigs Permian Basin is -28 compared to previous week and +63 compared to last year at this time. 30% of the US land rigs operate in the Permian Basin. Eagle Ford declined 3 rigs to 197. At this time last year, there were 227 rigs operating in Eagle Ford, -30. Click...

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