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US oil, gas rig count rises 14 on week but drops 25% on year

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Essential Energy Insights - May 14, 2020

US oil, gas rig count rises 14 on week but drops 25% on year

After holding firm the week before, the U.S. oil and natural gas rig count was up by 14 to a total of 813 rigs during the week ended Dec. 20, according to the latest Rotary Rig Count released by Baker Hughes Co.

However, the count is down by 265 rigs, or 25%, from the same week in 2018.

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Gas-directed rigs fell by four to 125 and are 72 rigs lower than in the corresponding week in 2018. Oil-directed rigs increased by 18 to 685 for the week but are down 198 from the same week a year earlier.

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The Permian Basin saw a 14-rig increase to 414 rigs, while the Eagle Ford Shale saw a seven-rig advance to 67 during the week under review. Cana Woodford reported that rigs declined by two to a total of 23 during the period.

Canadian rigs declined by four to 149 rigs on the week but are up by 18 rigs from the same week a year earlier.

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