Friday, July 9, 2010

U.S. Rig Count: +10 to 1,567

The weekly Baker Hughes rig count showed a ten rig increase, bringing the total rig count to 1,567.  Oil rigs were up five to 592, gas rigs were up four to 964 and miscellaneous rigs were up one to 11.  By type, horizontal rigs were up 14 to 863, while vertical rigs were down four to 226.  As one might expect, horizontal rigs have grown significantly as a percentage of total rigs, increasing from 42.6% this week last year to 55.1% this week. 

In the Haynesville shale region, inclusive of other formations, the rig count was down by five to 212.  North Louisiana dropped four rigs, while east Texas declined by one.  It remains to be seen if this is a trend or just the impact of a slow holiday week.

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