Friday, January 20, 2012

U.S. Rig Count: +21 to 2,008

The weekly Baker Hughes U.S. rig count showed a 21 rig increase, bringing the number of working rigs to 2,008.  Oil rigs increased by 32 to 1,123, gas rigs declined by 11 to 780 and miscellaneous rigs held at five.  By type, horizontal rigs were up 22 to 1,183, vertical rigs were up six to 619 and directional rigs were down seven to 206.

Currently, there are 443 fewer gas rigs than oil rigs.  This is a pretty remarkable development considering that four years ago there were 1,134 more gas rigs than oil rigs, a net swing of 1,577 rigs.  During that time the rig count has increased by only 234 rigs.  Three and a half years ago when the total rig count was almost equal to today's, the disparity was even greater with 1,199 more gas rigs than oil rigs working.  My, how things have changed!

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