Topic: Vertical Drilling Rig Activity

Horizontal Rigs Decline -2.9%

The total US Land Rig count was down -23, -2.9% last week with -18 horizontal rigs released. The horizontal rig count dropped to 598, -55% change compared October 2014.More discussions this week about the fall redetermination period. Each spring and fall, banks that lend to oil and gas companies do what's called a "redetermination." The banks calculate how much oil & gas companies can borrow based on reserves, commodity prices, and what the company has hedged.The redetermination conversations will be less about...

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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.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...

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Eagle Ford: Top Shale Operators Issue New Drilling Permits

Drilling Permits Down -16.9% as Dimmit Increases and DeWitt Falls This past week, permits in the Eagle Ford fell 16.9% to 49, compared to the previous week's 59 permits. Decreasing activity this past week in De Witt only yielded 11 permits, compared to the previous week's 21 permits. County permitting continued in counties like La Salle and McMullen, with 7 permits a week for the last two weeks, and Frio County, which had 3 permits for each of the last two...

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Horizontal Rigs Stay Flat While Vertical Rigs Drop -10.1%

The BHI land rig count declined -0.8% to 827 rigs from last week's 834. The decline this week stems from the vertical rig count, which dropped 11 rigs or -10.1% from last week's 109 rigs. The horizontal rig count stayed flat at 666 rigs and the directional rig count jumped +4 rigs to 63 from last week's 59. The Eagle Ford sank this week by -7 rigs, 4 of which were oil rigs and 3 were gas. Basins with one...

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Less Volatility and +0.4% More Rigs This Week

The Baker Hughes (BHI) US land rig count improved this week by adding 3 rigs, bringing the count to 844 rigs from last week's 841 rigs (a 0.4% increase). For the week, -2 horizontal rigs were dropped while +4 vertical rigs and +1 directional rig were added. Fayetteville saw the most action, adding +2 rigs and bringing the count to 8 rigs from last week's 6 rigs. There was also activity in the miscellaneous category adding +6 rigs, half of which were horizontal and...

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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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