EOA Rig Count Report
MAIN TAKEAWAYS
Drilling activities remain strong. The US oil-directed rig count recovered by 10 rigs after it decreased by 10 rigs last week. The recovery ended two emerging trends: the decline in oil-directed rig count in general and the decline in the rig count in the Gulf of Mexico (GoM). Companies added 7 oil rigs in tight plays and 6 in the Gulf of Mexico. This indicates that the recent decline was due to moving rigs and not to a decline in drilling activities.
In addition, the upward trend in natural gas rig count in the Permian ended with a decline of 7, leaving only 2 operating rigs in the Permian.