Sunday, August 21, 2016

Horizontal Rig Counts increase slightly

by Bill McBride on 8/21/2016 10:07:00 AM

Note: I'm in the Boston area (Wonderful wedding last night). Off to New York soon ...

A few comments from Steven Kopits of Princeton Energy Advisors LLC:

"US horizontal oil rigs gained 4 to 318.
The takeaway: At $45 WTI, the Bakken, Eagle Ford and Niobrara are more or less able to hold rig counts steady, but not more. However, the Permian looks entirely viable at this number, with 20 rigs added even with WTI in the $40-45 range. "
CR Note: This is horizontal rig count only (not vertical).