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Total US rig count holds near 1-year high amid more gains in oil, gas rigs

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Total US rig count holds near 1-year high amid more gains in oil, gas rigs

Rigs targeting crude oil and natural gas continued to rise, boosting the total U.S. rig count during the week ended Dec. 16 to levels seen nearly a year earlier, according to data released Dec. 16 from Baker Hughes Inc. The U.S. total rig count increased 13 on the week to 637, to match the total posted during the week ended Jan. 22. However, the figure was down 72 from the same week in 2015 and was 1,394 rigs below the record high of 2,031 posted Sept. 12, 2008.

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Natural gas rigs were up one to a total of 126 but were down 42 from the same week a year earlier, putting them 1,408 rigs below the 1,606 peak hit during the week ended Sept. 12, 2008. Crude oil rigs increased 12 to 510 but were down 31 on the year, leaving them 1,099 rigs below the peak of 1,609 set in the week ended Oct. 10, 2014.

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The North American rig count was up 17 to a total of 871 and was unchanged from the corresponding year-ago period. Canadian rigs rose four on the week to 234, which was up 72 rigs above the same week in 2015.

U.S. land rigs climbed 13 on the week to a total of 614 but declined 70 from the corresponding week the year before. The inland water rig count was steady at one and unchanged from the same week in 2015. Offshore rigs were steady on the week at 22 but were down two from the corresponding week a year ago.

During the week ended Dec. 16, by trajectory, vertical rigs were up one to a total of 71 but were down 16 from the same week in 2015. Directional rigs rose three to a total of 54 but were down nine from the same week in 2015. Horizontal rigs climbed nine to 512 but eased 47 from the same week in 2015.

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