Friday, April 1, 2011

U.S. Rig Count: +38 to 1,776

Zoikes! Big changes in the weekly Baker Hughes rig count jumped by 38 rigs this week to 1,776, the highest level since December 12, 2008.  Oil rigs were up 26 to 877, the highest level in the Baker Huges data (which starts in 1987).  Gas rigs were up 11 to 891 and directional rigs were up one to eight.  It seems to be only a matter of time before there are more working oil rigs than gas rigs, the first time that has happened since 1993.  By type, horizontal rigs were up 22 (1,017), vertical rigs were up 12 (531) and directional rigs were up four (22).  Horizontal rigs now represent 57.3% of all working rigs, and this is the first time there have ever been more than 1,000 horizontal rigs working.  Pop a cork for horizontals!

In the Haynesville Shale region, inclusive of other formations, the rig count was down three to 163.  North Louisiana was down two to 115 and east Texas was down one to 48.

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