US Land Rigs Falls Below 800

US Land Rigs Falls Below 800

Permian Remains Strong while Bakken & EF Decline

The first two weeks in September brought some stability to crude prices with WTI between $43 and $47 so far this month. Rig counts in Permian Basin and areas in Oklahoma remained constant (or a bit positive) this week. Permian accounts for 32% of the US Land rig count. Oklahoma stayed at 106 rigs this week, no change from last week.

An article on Bloomberg showed the high debt operators that may be at risk going into the end of the year. Expect more articles and analysis on this subject in October as redeterminations for E&P’s.

Your weekly rig count chart below shows the slow decline in rigs.

 

Summary of Plays

  • Permian Basin +1.2% to 253 rigs compared to last week’s 250 rigs
  • Eagle Ford -2.2% to 88 rigs compared to last week’s 90 rigs
  • Williston -4.2% to 68 rigs compared to last week’s 71 rigs
  • Marcellus -3.9% to 49 rigs compared to last week’s 51 rigs
  • Mississippian -26.0% to 14 from last week’s 19 rigs
  • DJ-Niobrara stayed flat at 29 rigs
  • Utica +5.3% to 20 from last week’s 19 rigs
  • Cana Woodford +5.3% to 40 rigs from last week’s 38 rigs
  • Haynesville stayed flat at 29 rigs

 

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