Friday, April 11, 2014

A Tale of Two Hydrocarbons: Gas Rigs Down to 310; Oil Rigs at Record High

The Baker Hughes U.S. rig count was up 13 to 1,831.  Oil rigs were up 19 to 1,517, gas rigs were down six to 310 and miscellaneous rigs held at four.  This is first time oil rigs have broken the 1,500 barrier, and it is the highest level ever recorded on the BHI records (beginning 1987).  By contrast, the gas rig count hasn't been this low since May 21, 1993.

By type, horizontal rigs are unchanged at 1,224, vertical rigs are down two to 391 and directional rigs are up 15 to 216.  Among gas rigs, horizontal rigs were down five to 231, directional rigs were up three to 52 and vertical rigs were down four to 27.

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