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February 2018 Total U.S. Rig Count Reveals Lack of Offshore Progression – S&P Global Platts

  • Commodity Oil

S&P Global Platts Analyticstoday announced the total U.S. rig count for February 2018 was 1,077, up 7 (+1%) from January 2018, and up 243 (+29%) from February 2017. This rig count includes U.S. onshore, U.S. inland waters, and U.S. offshore Gulf of Mexico drilling rigs.



  • February U.S. land rig count: 1,036, up 9 (+1%) from the previous month and up 245 (+31%) from February 2017
  • February U.S. inland waters and Gulf of Mexico rig count: 41, down 2 (-5%) from the previous month and down 2 (-5%) from February 2017

“Trends for inland water and offshore drilling continue to prove lackluster support for developing these resources,” said S&P Global Platts senior industry analyst Trey Cowan. “The current count of 41 is only four rigs above the lowest monthly point recorded in the past two calendar years. The present lack of investment in the Gulf of Mexico no doubt raises eyebrows at the U.S. Department of Interior and does not bode well for the lease auction set for March 21, 2018. However, producers may be able to find some bargains when Lease Sale 250 commences for blocks situated in the Outer Continental Shelf.”



S&P Global Platts US Rig Count
Feb 2018 Jan 2017 Month over month change % Change Feb 2017 Variance year over year Year over year % change
Colorado 32 34 -2 -6% 31 1 3%
Louisiana 47 52 -5 -10% 39 8 21%
New Mexico 90 83 7 8% 46 44 96%
North Dakota 51 50 1 2% 36 15 42%
Oklahoma 133 128 5 4% 114 19 17%
Texas 511 508 3 1% 398 113 28%
Rest of the US land 172 172 0 0% 127 45 35%
US land subtotal 1,036 1,027 9 1% 791 245 31%
US inland waters 6 5 1 20% 9 -3 -33%
US Gulf of Mexico 35 38 -3 -8% 34 1 3%
US inland and Gulf of Mexico 41 43 -2 -5% 43 -2 -5%
Total US rig count 1,077 1,070 7 1% 834 243 29%

CONTACT
Kathleen Tanzy, + 1 917 331 4607, kathleen.tanzy@spglobal.com; Gregory Tsichlis, + 817 616 2081, greg.tsichlis@spglobal.com
EMEA: Arnaud Humblot +44 207 176 6685, arnaud.humblot@spglobal.com and Alex Brog +44 207 176 7645, alex.brog@spglobal.com
Singapore: Platts (platts@ryancommunication.com)



About S&P Global Platts
At S&P Global Platts, we provide the insights; you make better informed trading and business decisions with confidence. We’re the leading independent provider of information and benchmark prices for the commodities and energy markets. Customers in over 150 countries look to our expertise in news, pricing and analytics to deliver greater transparency and efficiency to markets. S&P Global Platts coverage includes oil and gas, power, petrochemicals, metals, agriculture and shipping.



S&P Global Platts is a division of S&P Global (NYSE: SPGI), which provides essential intelligence for individuals, companies and governments to make decisions with confidence. For more information, visit www.platts.com.


S&P Global Platts Media Contact update

Americas: Kathleen Tanzy, + 1 917 331 4607, kathleen.tanzy@spglobal.com
EMEA and Asia: Alex Brog, +44 20 7176 7645, alex.brog@spglobal.com and Arnaud Humblot, +44 20 7176 6685, arnaud.humblot@spglobal.com

About S&P Global Platts

At S&P Global Platts, we provide the insights; you make better informed trading and business decisions with confidence. We're the leading independent provider of information and benchmark prices for the commodities and energy markets. Customers in over 150 countries look to our expertise in news, pricing and analytics to deliver greater transparency and efficiency to markets. S&P Global Platts coverage includes oil and gas, power, petrochemicals, metals, agriculture and shipping.

S&P Global Platts is a division of S&P Global (NYSE: SPGI), which provides essential intelligence for individuals, companies and governments to make decisions with confidence. For more information, visit https://www.spglobal.com/platts/en



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  • Commodity
  • Oil