Friday, March 23, 2018

Oil Rigs "Signs of life in the minor plays"

by Bill McBride on 3/23/2018 06:58:00 PM

A few comments from Steven Kopits of Princeton Energy Advisors LLC on Mar 23, 2018:

• Total US oil rigs were up this week, +4 to 804

• Horizontal oil rigs were up, +1 to 708
...
• The Permian continues to perform relatively well overall, although only one horizontal rig has been added there in the last six weeks.

• The Cana Woodford was absolutely hammered again, now below its July peak

• The minor ‘Other’ plays have come back to life, with horizontal oil rigs there above last July’s peak for the first time
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.