Friday, May 15, 2009

Rig Counts: Down in US but Up in Haynesville

The Baker Hughes rig count was announced today, and it continued to show a decrease in working rigs in the U.S. This week the count was down by ten to 918. That figure is 51% below where it was last year.

The Haynesville Shale region saw the opposite effect. In north Louisiana, four rigs were added, and in east Texas two rigs were taken away, for a net add of two rigs. This is not an absolute Haynesville number because it does contain rigs working in the Cotton Valley and neighboring formations, but it does show that activity in the region continues to be strong. This reflects comments by many of the Haynesville operators stating that they are either increasing capital spending in the Haynesville Play or keeping it steady.

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