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US Rig Count in Two Charts
Drilling activities remain strong. The US oil-directed rig count recovered by 10 rigs after it decreased by 10 rigs last week. The recovery ended two emerging trends: the decline in oil-directed rig count in general and the decline in the rig count in the Gulf of Mexico (GoM). Companies added 7 oil rigs in tight plays and 6 in the Gulf of Mexico. This indicates that the recent decline was due to moving rigs and not to a decline in drilling activities.
In addition, the upward trend in natural gas-directed rig count in the Permian ended with a decline of 7, leaving only 2 operating rigs in the Permian.
US Oil-Directed Rig Count in Tight Oil Plays
Source: BH 2023 & EOA, 2023