Friday, October 9, 2009

Rig Counts: LA Up

The Baker Hughes rig count showed a national increase of 17 rigs, bumping up the number of operating rigs to 1,041. It should be no surprise that the increase was driven by horizontal drilling rigs (+19) at the expense of vertical rigs (-2). What might be a little surprising, given commodity prices, is that gas rigs (+14) saw the biggest increase.

But the above shouldn't be a surprise looking at the large increase in Haynesville area rigs. The Haynesville area, which includes some other formations, was up by nine rigs, all in north Louisiana, to 153. With this surge, North Louisiana now represents 15.0% of all U.S. gas rigs, up from 14.0% last week.

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