Friday, June 29, 2012

U.S. Rig Count: -7 (all Gas Rigs) to 1,959

The Baker Hughes rig count fell by seven this week to 1,959.  Oil rigs held at 1,421, gas rigs were down seven to 534 and miscellaneous rigs held at four.  By type, horizontal rigs were up six, vertical rigs were down 15 and directional rigs were up two.  Among gas rigs, horizontal rigs were down two to 371, directional rigs were down three to 94 and vertical rigs were down two to 69.  


For the first six months of the year, gas rigs are down by 277, or 34%.  The biggest drop percentage-wise year to date is in vertical gas rigs, which are down 53% (-77).  The biggest decrease in terms of total rigs is in horizontal gas rigs, which are down by 167, or 31%.  Said another way: over the past six months, the number of all U.S. horizontal rigs is up 1% (or 11 rigs), but the percentage of horizontal rigs targeting gas over that same period has dropped from 46% to 32%.

The change in vertical rigs has been even more severe.  The total number of vertical rigs operating in the U.S. has gone down by 78 rigs since the beginning of the year.  The number of vertical rigs targeting gas has dropped by 77 rigs over that same time.  The number of vertical rigs targeting gas has dropped from 23% of the total to 12% in six months.

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