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January Rig Count Dips as it Follows the Bouncing Price of a Barrel – S&P Global Platts Analytics

If WTI steadies at current levels, rig counts may rise ahead

S&P Global Platts Analytics, today announced the total U.S. rig count for January 2019 was 1,113, down 34 (-3%) from December 2018, and up 18 (+2%) from January 2018. This rig count includes U.S. onshore, U.S. inland waters, and U.S. offshore Gulf of Mexico drilling rigs.

  • January U.S. land rig count: 1,084, down 32 (-3%) from the previous month and up 17 (+2%) from January 2018
  • January U.S. inland waters and Gulf of Mexico rig count: 29, down 2 (-6%) from the previous month and up 1 (+4%) vs January 2018

"Heading into the new calendar year, oil prices were in a weakened state and trading below $50 per barrel (/b) of West Texas Intermediate (WTI) crude,” said S&P Global Platts Senior Analyst Trey Cowan. "But in January, prices improved by about $7/b from the beginning to end-month, and it is this price rebound that is more telling than the sloughing off a few rigs over the month. Looking ahead, if WTI crude stays in the mid-$50/b area, we would expect the rig count to follow suit and show improvement in the weeks ahead.”

S&P Global Platts U.S. Rig Counts

Jan 2019

Dec 2018

Month over Month Change

% Change

Jan 2018

Variance Year over Year (YOY)

YOY % Variance

Colorado

33

38

-5

-13%

34

-1

-3%

Louisiana

49

43

6

14%

57

-8

-14%

New Mexico

94

97

-3

-3%

89

5

6%

North Dakota

61

61

0

0%

53

8

15%

Oklahoma

133

151

-18

-12%

129

4

3%

Texas

540

537

3

1%

528

12

2%

Rest of U.S. Land

174

189

-15

-8%

177

-3

-2%

U.S. Land Subtotal

1,084

1,116

-32

-3%

1,067

17

2%

U.S. Inland Waters

1

3

-2

-67%

3

-2

-67%

U.S. Gulf of Mexico

28

28

0

0%

25

3

12%

U.S. Inland and Gulf of Mexico

29

31

-2

-6%

28

1

4%

Total U.S. Rig Count

1,113

1,147

-34

-3%

1,095

18

2%

Editor's note: Accredited media may ask to receive weekly rig count data by Thursdays at midday, by contacting: I want weekly rig data

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 )

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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