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Saturday, March 9, 2019

US rig count - 1038

The US drilling rig count is down 9 units to 1,038 rigs working for the week ended Mar. 1, according to Baker Hughes data. The count is up 57 units from the 981 rigs working this time a year ago.
Week-over-week, 11 fewer rigs were drilling on land, bringing that count 1,015. Three additional rigs were counted offshore, bringing the total number of units drilling to 22. Inland waters dropped a single unit, leaving 1 rig working for the week.
US oil-directed rigs dropped 10 units from last week to 843 units working but remained up from the 800 rigs drilling for oil this week a year ago. Gas-directed rigs were up a single unit at 195, and up from the 181 units drilling for gas a year ago.
Among the major oil and gas-producing states, California, with 15 rigs working for the week, saw the largest increase. The only other addition was a single-unit gain in Louisiana, bringing the state’s total to 65 rigs drilling.
Five states were unchanged this week: Pennsylvania, 44; Colorado, 34; West Virginia, 19; Ohio, 18; and Utah, 8.
Texas, at 503 rigs, dropped 5 units from last week. Oklahoma, 115, and Alaska, 11, each dropped 2 units.
Three states dropped a single unit this week: New Mexico, 107; North Dakota, 56; and Wyoming, 36.
Canada dropped a single unit for the week ended Mar. 1. With 211 rigs working, the count is less than the 302 units drilling this week a year ago.
The number of oil-directed rigs in Canada fell by 4, bringing the count to 140 rigs for the week. Gas-directed rigs were up 3 to 71 units.
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Related stock: Keppel Corp, Sembcorp Marine & Cosco

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