Friday, September 28, 2012

U.S. Rig Count: -11 to 1,848

The Baker Hughes rig count was down 11 this week to 1,848.  Oil rigs were up eight to 1,410, gas rigs were down 19 to 435 and miscellaneous rigs were unchanged at three.  The gas rig count has not been this low since June 11, 1999, more than 13 years ago.

By type, horizontal rigs were down seven to 1,142, vertical rigs were up six to 514 and directional rigs were down ten to 192.  Among gas rigs, horizontal rigs decreased by 17 to 306, directional rigs decreased by four to 75 and vertical rigs increased by two to 54.


To add a little context, total rigs recently peaked in the first week of November 2011 at 2,026 (the green hump on the right in the above chart).  Since then, the rig count has dropped by 9%, or 178 rigs.  But during this roughly eleven month period, the number of oil rigs has increased by 298, while the number of gas rigs has decreased by 472, a drop of 52%.

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