WTI Crude Knocked below $50 and US Land Rigs at 1735
With the WTI oil price trading under $50 / bbl and the crude Brent oil price near $50 / bbl, the rig counts continue to drop confirming our expectations.
There has been a -25 drop in rigs with depths of >10K, with the biggest losses occurring in Texas with -18 and Colorado at -2 compared to last week.
US Land Rig Count Declines
The overall rig count is -25 at 1735 compared to last week with the horizontal rig count down -13 from the previous week and +190 from last year. The total oil rig count is down -15 compared to last week and +103 at this time last year, and the gas rig count is down -10 at 315 from last week. Check out the full report here.
The Texas rig count is -12 compared to last week and +9 for last year at this time. The Permian basin drops slightly to 436, which is -5 compared to last week and +44 from last year at this time. Eagle Ford is -4 at 200 in comparison to last week and -28 from last year at this time.
Rockies & Midcon Drilling Remains Steady…for Now
North Dakota’s activity is steady from last week at 169 but down -5 compared to last year. The Williston/Bakken is at 179, the same as last week and down.
Oklahoma remains strong at 209, no change from last week, and +40 compared to last year. We will break down the Oklahoma plays in more details in the future. This week the Mississippian is at 64, Cana Woodford at 48, Granite Wash (OK only) at 22, Ardmore has 6,and Arkoma has 5 rigs active. The other 67 rigs active in Oklahoma are categorized as Other but the area is predominantly the Woodford SCOOP and Springer Shale.
Colorado’s rig count has dropped -3 compared to last year, with DJ-Niobrara -2 related to last week and +6 compared to last year.
Photo Credit: Flickr