EOA Rig Count Report
MAIN TAKEAWAY
Given current oil prices, drilling activities remain robust so far with increases in the oil and gas rig count. The oil-directed rig count in the Permian increased to the highest level since March 2020. An increase was also registered in the net oil-directed rig count in the tight shale plays.
IN DETAIL
The total rig count increased by 5 from 748 to 753, according to Baker Hughes. The net increase in the oil-directed rig count was 3, raising the number to 591. The oil-directed rig count in the tight plays, meanwhile, increased by one only.
In the Permian, the oil rig count increased by 3 to 354, the highest since March 2020. Companies reduced the oil-directed rig count by 1 in each of the Cana Woodford, Eagle Ford, and the Mississippian, while it increased by 3 in the non-tight plays.
Turning to the Gulf of Mexico, the rig count remained flat at 18.
As for the gas-directed rig count, it increased by 2 to 159. The rig count decreased by 1 in the Permian, while it increased by 1 in the Eagle Ford, and by 2 in the non-tight plays.
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 the oil-directed rig count in the tight oil plays.
Figure (2)
Figure (3) below shows the trends in the oil-directed rig count in various tight oil plays. It also indicates that it is mostly about the Permian!
Figure (3)
Rigs by Type
The US shale revolution has drastically changed the makeup of rigs, leading to an increase in the number of horizontal rigs as shown in Figure (4) below.
Figure (4)
Figure (5)
