HOUSTON –
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Today, 487 land rigs are working in the entire United States. In November 2014, there were 568 rigs working in the Permian Basin alone and over 1,850 onshore rigs working nationwide. Enough said.
Weekly North American Rig Count Statistics
On Friday, US land rig count fell 27 rigs to cut below 500 for the first time since August 1999. The North America rig count fell 43 units last week with declines coming all across the market. WTI is just under $30/barrel as of this writing, skewing rig count direction lower and below expectations for the rest of 1H16.
We expect Independent E&P companies to cut capex again this year by more than 30%. While the weekly figures will ebb and flow, the recent leg down in oil prices means stability for drilling is still out on the horizon. The 400 rig count level for US land will be tested soon.
In Canada, the rig count fell 16 rigs to 206 for the week.
A regional summary of rig counts by key basins is below. With 165 rigs working, the Permian is still the most active basin, but it was down 7 rigs on the week. The Eagle Ford, with 54 rigs running, is the second most active basin, and it was down 4 last week. With 36 rigs running, activity in the Bakken was down 3 last week.
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