EOA Rig Count Report

MAIN TAKEAWAY

Most of the decline reported today by Baker Hughes in the oil-directed rig count was outside the major tight oil plays – where rigs declined only by 1.

IN DETAIL

The total rig count decreased by 7 to 753, according to Baker Hughes, with most of the decline taking place in oil.  Gas rigs, meanwhile, declined by 2 in Haynesville but increased by 2 in the Permian, thus leaving the gas-directed rigs unchanged. 

In the Permian, the oil rig count decreased by 1 to 348. The rig count also dropped in DJ Niobrara by 1 to 15, in Granite Wash by 2 to 7, and in Arkoma Woodford from 2 to 1.  Meanwhile, the oil-directed rig count increased in Ardmore Woodford by 1, and in Cana Woolford by 1 to 30, the highest since mid-2022.    

Figure (1) below shows the total number of oil and gas rigs.

Figure (1)

Figure (2) below shows the year-over-year (YoY) trends in the number of oil-directed rig count in the tight oil plays.  It also shows that the oil-directed rig count has been increasing at a slow pace so far this year, standing at 503 in the tight oil plays as of last week.

Figure (2)