Friday, August 20, 2010

U.S. Rig Count: +11 to 1,651

The weekly Baker Hughes U.S. rig count continues to show new rigs deployed, this week increasing by 11 to 1,651.  The big increase was in oil rigs (+19), while gas rigs dipped (-7) and directional rigs dropped by one.  By type, horizontal rigs increased by ten and vertical rigs increased by six, while directional rigs dropped by five.

In the Haynesville Shale area, inclusive of other formations, the rig count decreased by six to 200.  North Louisiana held steady at 136, while east Texas dropped by six to 64.  The 64 rig figure in east Texas is the lowest level of working rigs in the area since January 22, 2010.  This week also marks the first time this year that  the north Louisiana rig count is lower than it was six months ago. The total  number of rigs working in E TX and N LA peaked on April 30 at 221.  The N LA rig count is a better proxy of Haynesville activity because +/-95% of the rigs working in the area target the Haynesville Shale compared to 50-65% for E TX.

Does this indicate a plateauing of the Haynesville area rig count, a temporary time out or the beginning of a longer decline?  

I'll have the detailed Haynesville rig count and map by late afternoon or tomorrow.

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