Very interesting. You would think that the oil and gas price apocalypse, which began in the late third/early fourth quarter of 2014, would mean that drilling rigs would be idled by the dozens and new well starts would plummet. According to numbers just released by Baker Hughes, you would be wrong. The average rig count for 4Q14 was 1,856 onshore rigs, up 14 rigs (1%) from 3Q14. Huh. The number of rigs in 4Q14 was up 159 rigs (9%) from 4Q13! Wow. And then there are well counts–the number of new wells spud or drilled. In 4Q14 there were 9,544 new wells were spud–virtually unchanged from 3Q14. Compared to 4Q13, new wells drilled were up 461 (5%). Double wow! We’re not saying the numbers won’t head south in 1Q15–we are saying that it’s helpful to mind the objective numbers and not the subjective hype you hear in the press when it comes to “slow downs” and such…
