US rig count falls by 17

oil rig24 August 2014, New Wires –  The number of rigs drilling for oil and gas fell by 17 this week for a total of 1896, according to data from Houston-based services giant Baker Hughes.

In a surprising turn, oil rigs plummeted while gas rigs increased.

There were 25 fewer oil rigs drilling this week, for a total of 1564. They are still up 182 on the year. Gas-directed rigs, meanwhile, rose by nine for a total of 330, though that is 57 fewer than a year ago.

Texas took the biggest hit among states, shedding 13 units to end the week at 888.

It was not clear exactly which plays made up the bulk of the losses. The Permian was down three on 555, the Eagle Ford gained one for 200, the Granite Wash lost a pair for 67 and the Barnett gained one for 26.

Kansas was the biggest gainer one two additional rigs for a total of 28. Louisiana, Arkansas, West Virgina and Wyoming all gained one for respective totals of 117, 12, 30 and 56.

No other states gained rigs, the New Mexico and Utah were flat on 94 and 23, respectively.

Rig movements among plays were also not especially noteworthy. The Marcellus lost one for 76 and the Utica was flat on 44.

The Williston basin lost a pair for 192. California lost one for 46 and Alaska lost three for six.

The Guld of Mexico gained two rigs for a total of 62. Canada gained four for 405.


– Upstream

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