Three of the largest drilling rig operators in Texas are making budget cuts and bracing for the worst as a global glut of crude oil and falling demand due to the coronavirus pandemic are expected to cause the U.S. rig count to plummet.
The nation's tally of active drilling rigs held flat this week as rising U.S. crude oil prices flirted with the $60 per barrel threshold, according to the weekly count from the Houston oilfield services firm Baker Hughes.
The number of operating drilling rigs in the United States fell below 900 this week for the first time since 2017 as oilfield activity continues to slow and crude prices remain in a sort of purgatory between $50 and $60 per barrel.
The North American Rig Count cruised past one year above the 1,000 mark as crude oil prices continue to hover in the mid-$60 per barrel range.
The U.S. rig count increased by seven over the last week, while Texas lost three rigs.
Texas gained three drilling rigs over the last week while the U.S. rig count stayed flat.
The number of working offshore and onshore oil rigs has increased across the world, while the total number in the US has fallen.
The number of oil rigs operating on land and offshore has dropped between October and November.
The number of active drilling rigs jumped up for the second straight week, but the increase of eight rigs is exclusive to those seeking natural gas.
The streak is broken. For the first time in 23 weeks, the number of oil and gas rigs in U.S. fields fell — albeit just by one rig, at the end of a long, slow fall in crude prices.
Drillers dispatched another seven oil and gas rigs to U.S. fields over the past week, Baker Hughes said Friday, marking the rig count’s 19th consecutive weekly increase.
Oil companies set up more drilling rigs in U.S. oil fields over the past week, expanding the nation’s rig count for the thirteenth consecutive week, Baker Hughes said Thursday.
Baker Hughes rig count continued to climb in the US.
The US has posted the highest weekly natural gas rig count in two years, according to Baker Hughes.
Baker Hughes rig count recorded an increase of 37 week-on-week.
The Us rig count was up eight week-on-week to 497, according to the latest figures from Baker Hughes.
US rig count has continued its climb, according to data from Baker Hughes.
Oil fell for a second day, extending declines from a three-month high, as the number of drill rigs active in the U.S. rose for the first time in three months amid a global glut.
Explorers parked more drilling rigs in US oilfields as the rest of the world looks to shale producers to arrest the worst crude downturn in 30 years with more cutbacks.
U.S. energy firms added 5 oil rigs this week after putting 21 rigs into service last week, the most in over a year, despite a collapse in U.S. crude prices from recent highs in June, data showed on Friday. That was a sign some drillers followed through on plans to add rigs announced in May and June when U.S. crude futures were averaging $60 a barrel. U.S. crude futures so far this week however have traded around $48. The rig count gain this week was the fourth increase in the past 34 weeks, bringing the total rig count up to 664, the highest early May, oil services company Baker Hughes Inc said in its closely followed report.
US oil drillers, facing the lowest crude prices in five years and rising competition from suppliers abroad, idled the most rigs since 2012. Rigs targeting oil declined by 37 to 1,499 in the week ended December 26, the lowest since April, Baker Hughes Inc said, extending the three-week decline to 76. Those drilling for natural gas increased by two to 340, the Houston-based field services company said. The total rig count, which includes one miscellaneous rig, dropped 35 to 1,840, also an eight-month low.
A couple of weeks ago, the Norwegian Petroleum Directorate revealed that the IOR prize for 2008 will not be awarded. The oil prize is presented to fields, companies or individuals that exhibit the "courage, willingness and ability" to improve oil recovery on the Norwegian Continental Shelf beyond statutory expectations.