Sunday, June 10, 2018

Oil Rigs: "Now, back to the Permian Show"

by Bill McBride on 6/10/2018 10:30:00 AM

A few comments from Steven Kopits of Princeton Energy Advisors LLC on June 8, 2018:

• Total US oil rigs were up 1 to 862

• Horizontal oil rigs added 5 to 763
...
• The Permian gained 7; the Cana Woodford gave back 3

• Since last July’s peak, 90 of the 105 horizontal oil rigs additions have been in the Permian; 12 in the Cana Woodford—and even the Cana Woodford is no higher than in November. All other plays have added a mere three rigs since last July
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.