Drilling activity over the past month has continued to decline. The Baker Hughes rig count report shows 935 active drilling rigs in the US as of August 16th. The oil rig count is 770 rigs and the gas rig count is 165. One year ago the total active land rig count was 1057. Oil rigs are down 99 and gas rigs are down 23 compared to the 2018 counts.
*Data from August 19, 2019, Baker Hughes Report.
|Bakken Region Total: 48
North Dakota: 48
|Rocky Mountain Total: 187
New Mexico: 111
|Central Plains Total: 85
|Gulf States Total: 68
Louisiana North: 32
Louisiana South (land & offshore): 30
|Texas Total: 450
District 1: 35
District 2: 29
District 3: 12
District 4: 11
District 5: 3
District 6: 23
District 7B: 2
District 7C: 30
District 8: 281
District 8A: 19
District 9: 1
District 10: 4
|Marcellus Total: 69
West Virginia: 16
Looking at the major plays, the Permian Basin rig count is at 441. This count is up 1 rig from one month ago, but down 45 rigs from one year ago.
The Texas Railroad Commission reports the number of oil well completions in the Permian for July was 381, with 357 being new oil well completions. The number of original drilling permits issued for the Permian in July was 487; 468 of these are new drilling permits.
In east Texas, the Eagle Ford shale is at 67 active rigs, the same as one month ago.
The Haynesville shale rig count is at 50 rigs, down 1 rig from July.
The Anadarko rig count is at 85, down 10 active rigs from July.
In the Rockies, the active rig count in the Niobrara Shale is at 69 rigs, which is an increase of 6 rigs over the last month.
The Bakken Shale rig count is 48 rigs, which is down 7 from July.
The Appalachian has 69 active rigs, which is 6 less than the July count.
In the oil markets, WTI closed at $54.81 on August 16th. Since closing at $56.22 on July 22nd, prices have hit of high of $58.58, and a low of $51.09. Industry analysts point to slow economic growth, concerns about a recession, and supply availability as the major pricing factors.
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