Wednesday, November 25, 2009

Rig Counts Generally Up

The Baker Hughes rig count was released a few days early in anticipation of the Thanksgiving holiday.  It showed a 24 rig increase in the U.S.  Interestingly, it was mostly in vertical gas rigs. The week showed that 22 of the net 24 rig increase was in gas rigs, and 17 of the net 24 increase was in vertical wells.  This is different from the recent pattern that has been favoring horizontal oil rigs.  I know the Baker Hughes information is oversensitive to short term changes, but this struck me as strange.

In the Haynesville region of north Louisiana and east Texas, inclusive of other formations, the count was up three to 168.  There was a one rig decrease in N. LA and a four rig increase in E. TX. 

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