Oil and Gas Rig Count Up 15: Baker Hughes GE

January 12, 2018

 

The number of active commercial oil and gas rigs in the US was up by 15 this week, according to Friday data from Baker Hughes GE, up the most in seven months.

Oil rigs increased by 10, gas rigs by five.

The oil rig count is 752 (there were 522 a year ago) while the gas rig count is 187 (versus 136 a year ago).

Texas lost two rigs.

Louisiana and New Mexico each gained five, Oklahoma gained three, Colorado gained two and Alaska and Utah each gained one.

Oil production was down slightly last week, from 9.782 million barrels per day to 9.492 mbd.

In the Permian Basin, the number of rigs was up by three totaling 403, up by more than 25% over this time last year.

Reuters notes that U.S. production is expected to rise to an all-time high of 10.3 million barrels per day in 2018 and 10.9 million bpd in 2019, up from 9.3 million bpd in 2017, according to a federal energy projection this week.

The U.S. rig count peaked at 4,530 in 1981. It bottomed out in May of 2016 at 404.