Friday, November 20, 2009

More Rigs

The Baker Hughes weekly rig count showed yet another increase in U.S. rigs, rising by 12 to 1,113.  It's perhaps not a surprise that 12 rig increase resulted from the addition of 14 oil rigs and the subtraction of two gas rigs.  Last year, gas rigs represented 78% of all active rigs, but that figure is only 65% this year.

Nor is it much of a surprise that the net 12 rig increase resulted from the addition of 19 horizontal rigs and the subtraction of five directional rigs and two vertical rigs.  Horizontal rigs now represent 48% of all rigs currently deployed, compared to 33% this week last year. 

In the Haynesville area of east Texas and north Louisiana (which includes other formations), the rig count increased by eight to 165.  All of the new rigs were in Louisiana.

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