993 rigs now drilling
U.S. drilling activity declined for the first time in eight weeks, according to Baker Hughes’ Weekly Rig Count.
The total number of rigs drilling in the U.S. fell by two to end the week at 993, as activity continues to fall just short of the 1,000 rig mark.
Land rigs decreased by two this week, falling from three-year highs to 997. Inland waters activity reversed the decline seen last week, with one rig coming online to bring the total to four. One offshore rig also shut down, meaning there are 12 such rigs drilling in the U.S.
Two miscellaneous rigs for first time
Operations shifted away from oil targets in the week, with seven oil-targeting rigs shutting down. Four gas-targeting rigs came offline, while one “miscellaneous” rig also began operations. Oil targets now make up 80.3% of all activity, with 797 such rigs operational. A total of 194 gas-targeting rigs are drilling, while the two miscellaneous rigs represent the highest activity level for such rigs since April 2017.
Directional drilling continued its decline this week, as two such rigs shut down. Directional activity has fallen by 20% in the month of March, from 75 rigs at the beginning of the month to the current level of 60 active rigs. A total of 870 horizontal rigs and 63 vertical rigs are currently drilling.
Adjustments were relatively minor among the major states and basins, with fewer, smaller changes than usual. Two rigs came online in Pennsylvania, while one began drilling in Louisiana and Oklahoma. One rig shut down in New Mexico, Ohio and West Virginia, and three came offline in Texas.
The largest increase among major basins came in the Cana Woodford, which added four rigs in the week. One also came online in the Marcellus. The Granite Wash, Permian and Utica each saw minor decreases, with one rig shutting down in each, while minor basins too small for Baker to track individually saw a combined four rigs shut down.
