Friday, July 31, 2009

Rig Counts: Up and Even

The Baker Hughes rig count came out today and the national rig count is up by five to 948. That's still 1,003 off this time last year, but it's 72 higher than this year's low a few months ago.

In the Haynesville Shale area (which includes some other fields), the count was even, up two in North Louisiana, down two in East Texas.

In terms of the U.S. split, oil rigs were up four, gas rigs up two and miscellaneous rigs down one. Of the rigs in the U.S., 43.6% are drilling horizontal wells compared to 30.1% this week last year. Looking back five years, only 11% of the rigs were drilling horizontally. Not a huge surprise, but interesting to note.

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