U.S. rig count falls by 15 The number of rigs operating in the United States continued to decline in the week ended October 20, 2017, according to Baker Hughes. The company reported a total rig count of 913, down 15 from the previous week. All the rigs laid down this week were onshore with those offshore and drilling inland waters
In the past two days ExxonMobil Corporation (ticker: XOM), Chevron Corporation (ticker: CVX), and ConocoPhillips (ticker: COP) all reported second quarter earnings and gave operational updates. ExxonMobil ExxonMobil earned $3.4 billion in Q2, which brought the company’s earnings for the year-to-date to $7.4 billion. This represents a 97% improvement from the same quarter of 2016—in which Exxon earned $1.7 billion.
Independence Contract Drilling (ticker: ICD) has made shale play drilling its primary business target with the introduction of its ShaleDriller® series rigs. Demand for Independence’s rigs is largely focused in the Permian basin, with the Eagle Ford and Haynesville also playing home to rig operations. Walking rigs nice fit for shale development The ShaleDriller® rigs are built with a hydraulic
U.S. added the most land rigs since April 2015 The U.S. rig count has finally exceeded 900 rigs, according to Baker Hughes’ (ticker: BHI) most recent weekly rig count. American land rigs added 14 for a total of 878 rigs online. This is the highest number of land rigs active in the U.S. since April 2015, a few months after
“It will get to a point where it’s actually artificial intelligence that’s drilling our wells for us, with us observing” – Tim Dove, CEO, Pioneer Natural Resources There are a lot of smart E&P companies rambling around West Texas, the place that has dominated the energy spotlight for the past year or two. Ask anybody who’s been looking at shale:
Patterson-UTI (NASDAQ: PTEN) closed its merger with Seventy Seven Energy Inc. Stockholders of Seventy Seven Energy are entitled to receive 1.7851 shares of newly issued Patterson-UTI common stock in exchange for each share of Seventy Seven Energy. Patterson-UTI issued approximately 47.5 million shares pursuant to the merger. Concurrent with the closing of the merger, Patterson-UTI repaid all of the outstanding debt of
Drilling continues to pick up in the U.S. as oil remains above $50 per barrel Baker Hughes Industries (ticker: BHI) released the North American rig count Friday showing yet another week of increased drilling activity in the United States. The total rig count reached 839 for the week ended April 7, 2017, up 15 from last week. The majority of
Onshore drilling continues to spool up as oil remains near $50 per barrel The U.S. rig count continued to climb in the week ended March 31, 2017, with Baker Hughes reporting 15 additional rigs added to fleets across the country bringing the total to 824. Oil prices continued to hold above $50 per barrel despite the increased rig activity which
No slowdown for the Permian Everybody is getting into the action in the Permian basin and in the Delaware portion of the basin in particular. Even Norway’s TGS-NOPEC Geophysical Company (ticker: TGS) has landed in the Permian. TGS announced today that it has commenced field operations on the West Kermit 3D seismic survey in the Delaware Basin. The project will encompass a
Canadian rig activity spurs North American drilling to year-ago levels Oil and gas drilling activity continues to increase in North America following the decision by OPEC to cut production. The number of active rigs in both the U.S. and Canada increased again this week according to information from Baker Hughes Industries, raising the total rig count in North America to
Service Company Makes Big Push into Land Drilling High Spec Rigs and Pressure Pumping Patterson-UTI Energy Inc. (ticker: PTEN) and Seventy Seven Energy Inc. (ticker: SVNT) today jointly announced that they have entered into a definitive merger agreement in which PTEN will buy SVNT through an all-stock transaction. Both companies build and operate high-spec rigs. The combined company will be called Patterson-UTI, with
Three U.S. plays are more active than Dec. 2015, Canadian rig count 32% higher than 2015 The number of rigs drilling in North America increased by 57 rigs over the course of the week as oil prices remain above $50 per barrel, according to information from Baker Hughes Industries. 27 rigs were added to the United States’ total, while an
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