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Saturday, October 27, 2018

US rig count - 1068

The US drilling rig count was up 1 unit to 1,068 rigs working for the week ended Oct. 26, according to Baker Hughes data. The count is up 159 units from the 909 rigs working this time a year ago.
Land-based rigs rose 2 units to 1,046 for the week. Offshore units fell by 1 to 19 rigs working, while those drilling in inland waters remained unchanged at 3 rigs working.
Oil-directed rigs were up 2 units from last week to 875 units working, and up 138 units from the 737 rigs drilling for oil this week a year ago. Gas-directed rigs were down 1 unit to 193, yet up 21 units from the 172 rigs drilling for gas a year ago.
Among the major oil and gas-producing states, North Dakota and Alaska were the biggest gainers this week, up 2 rigs each to respective counts of 54 and 5.
New Mexico, with 101 rigs working, and West Virginia, with 14 units drilling, were up 1 unit each this week vs. last.
Seven states remained unchanged this week, namely, Oklahoma, 141; Pennsylvania, 44; Wyoming, 30; Ohio, 17; California, 15; Utah, 6; and Kansas, 1.
Colorado, down 1 rig from last week, reached 32 units working. Texas, at 537 units working, and Louisiana, with 61 rigs drilling, were each down 3 rigs vs. last week.
Canada’s rig count gained 9 units for the week. With 200 rigs running, the count is 9 units higher than the 191 rigs working this time last year. Canada gained 1 oil-directed rig to reach 124 units for the week. Its gas-directed rig count was up 8 units to 76 rigs working.

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Related stocks: Keppel Corp, Sembcorp Marine, Cosco.

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