Friday, April 15, 2011

U.S. Rig Count: -10 to 1,772

The weekly Baker Hughes rig count showed a ten rig decrease, bringing the total working rigs in the U.S. down to 1,772.  Oil rigs were down six to 880, gas rigs were down four to 885 and miscellaneous rigs held at seven.  We will have to wait another week to see if oil rigs exceed gas rigs for the first time since December 17, 1993.  In 2007, the number of gas rigs exceeded oil rigs by 1,224 (1,495 gas rigs vs. 271 oil rigs on 6/22/07), so this represents quite a significant shift in U.S. drilling in just three years.  By type, vertical rigs were up nine (552), horizontal rigs were down six (1,003) and directional rigs were down 13 (217).

In the Haynesville Shale region, inclusive of other formations, the overall rig count was down three to 162.  North Louisiana was down five to 110, while east Texas was up two to 52.

The detailed Haynesville Shale rig count should be available late this PM.

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