Friday, July 28, 2017

Oil Rigs "Back in action"

by Bill McBride on 7/28/2017 05:10:00 PM

A few comments from Steven Kopits of Princeton Energy Advisors LLC on July 28, 2017:

• Total US oil rigs were up 2 to 766

• Horizontal oil rigs were up 5 to 658
...
• With oil prices now over $49, operators are both above breakeven and in a position to hedge future production.  Expect a return to rig additions at these prices.
Oil Rig CountClick on graph for larger image.

CR note: This graph shows the US horizontal rig count by basin.

Graph and comments Courtesy of Steven Kopits of Princeton Energy Advisors LLC.