(OILPRO) –
By Joseph Triepke
View the original article on Oilpro.com.
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Baker Hughes published February international rig counts on Friday. A summary of how key regions have held up during the downturn shows outperformance in the Middle East, Asia and Europe relative to North America and Africa.
Downturn performance for several key international countries - including some that are relatively well insulated from the drilling downturn - is summarized in the table below:
Weekly North American Rig Count Statistics
Last week, the US land rig count fell 10 rigs to 463. The North America rig count fell 59 units last week with declines coming all across the market. WTI is in the mid-$30s as of this writing, skewing rig count direction lower and below expectations for the rest of 1H16.
The Independent E&Ps are cutting capex even more than we expected, and declines will likely be 40-50% below 2015 in the aggregate. While the weekly figures will ebb and flow, current oil price levels delay rig count stability. The 400 rig count level for US land will be tested soon.
In Canada, the rig count fell 31 rigs to 175 for the week.
A regional summary of rig counts by key basins is below. With 164 rigs working, the Permian is still the most active basin, but it was down 1 rig on the week. The Eagle Ford, with 47 rigs running, is the second most active basin, and it was down 7 last week. With 36 rigs running, activity in the Bakken was flat last week.
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