Five Natural Gas Rigs Added as US Count Climbs by 15

Lloyd Doyle
January 13, 2018

This count has risen 280 over this time previous year, with oil rigs up 230, gas 51, and miscellaneous rigs down one.

Houston oilfield services company Baker Hughes reported that the number of oil rigs in US fields jumped by 10 to 752 while gas rigs increases by five to 187. Two units were added in the offshore.

The total rig count rose to 752 in the week to January 12, the most since September, according to General Electric Co's Baker Hughes energy services firm report that was released on Friday. Even the relatively huge increase of 10 new land rigs this week is not pushing crude prices down. February West Texas Intermediate crude was up 15 cents, or 0.2%, from Thursday, to $63.95 a barrel, up a bit from shortly before the rig data, but well below the day's high of $64.23.

Canada, meanwhile, saw a whopping 102 rigs return during the week, according to BHI's count, including 87 oil-directed rigs and 15 gas-directed.

The firm added that the E&Ps it tracks stated that they would exhaust roughly $66.1 billion on drilling and completions in the lower 48 US states in 2017, about 53 percent higher than what was planned for the year prior.

The rig count usually increases again in the summer when the ground dries and holds around those levels through the end of December when the count drops during the last week of the year for the Christmas break.

Also among states, Colorado added two rigs, and Alaska and Utah each added one.

That was the biggest weekly increase since drillers added 89 rigs during the same week in 2017.

The strong oil prices of late may give exploration and production (E&P) companies reason for optimism as they put together their 2018 capital expenditure budgets.

Other reports by Iphone Fresh

Discuss This Article