Baker Hughes

After five weeks of adding rigs, the Baker Hughes U.S. rig count decreased by a single rig last week. The national rig count now stands at 592. As for the Marcellus/Utica, the rig count was a combined 35 last week, retaining a rig added in West Virginia three weeks ago. Rigs focused on the Marcellus were a combined 24 across the three M-U states of Pennsylvania, West Virginia, and Ohio. Rigs focused on the Utica were a combined 11. PA has operated 15 rigs (or more) for the past 17 weeks. OH has operated nine rigs for the past 14 weeks. WV had operated 10 rigs for an astonishing 23 weeks in a row. Three weeks ago, WV added (and has kept) one additional rig and now operates 11 active rigs. Good things are happening in the Mountain State. Read More “Nat’l Rig Count Down 1 @ 592; Marcellus Even @ 24, Utica Even @ 11”

For the fifth week in a row, the Baker Hughes U.S. rig count added rigs—the first time that has happened since May 2022. Last week, the count added a single new rig for a new total of 593. The national count remained in a tight range of 581-589 for much of last year. We’ve officially broken through that range. However, note that the national count is still 6% (36 rigs) below what it was last year at this time. As for the Marcellus/Utica, the rig count was a combined 35 last week, retaining a rig added in West Virginia two weeks ago. It just feels like the sun is shining again! Read More “National Rig Count Gains 1 @ 593; M-U Rig Count Even @ 35”

For the fourth week in a row, the Baker Hughes U.S. rig count added rigs—to the highest level since last June! Three weeks ago, the rig count gained four rigs to 586. Two weeks ago, the count regained another two rigs to 588. Last week, the count added four new rigs for 592. Note that the national count remained in a tight range of 581-589 for much of last year. We’ve just broken through. As for the Marcellus/Utica, the rig count was a combined 35 last week, adding a new rig to the mix. The new rig was added in West Virginia. Read More “National Rig Count Gains 4 @ 592; M-U Rig Count Adds 1 @ 35”

For the third week in a row, the Baker Hughes U.S. rig count regained some of the rigs lost earlier this year. Two weeks ago, the rig count gained four rigs to 586. Last week the count regained another two rigs to 588. Note that for much of last year, the national count remained in a very tight range of 581-589. It seems like equilibrium is returning. As for the Marcellus/Utica, the rig count was a combined 34 last week—the same number for ten weeks in a row. It looks like we’ve hit an equilibrium in the M-U, too. Read More “National Rig Count Gains 2 @ 588; M-U Count Steady @ 34”

For the second week in a row, the Baker Hughes U.S. rig count regained some of the rigs lost in prior weeks. Two weeks ago, the rig count gained six rigs (see National Rig Count Gains 6 @ 582; M-U Count Steady @ 34). Last week, the rig count gained another four rigs to 586. Note that for much of last year, the national count remained in a very tight range of 581-589. It seems like that equilibrium is returning after the recent drop below 580. As for the Marcellus/Utica, the rig count was a combined 34 last week—the same number for eight weeks in a row. It looks like we’ve hit an equilibrium here, too. Read More “National Rig Count Gains 4 @ 586; M-U Count Steady @ 34”

Prior to last week, the Baker Hughes national rig count had been in a freefall for weeks, dropping to a 3+ year low of 576 (see National Rig Count Falls Again, Lowest in 3+ Years; M-U Steady). Last week, the trend finally turned around. The national count gained six rigs to 582. The Marcellus/Utica rig count was a combined 34 last week—the same number for seven weeks in a row. PA has operated 15 rigs for the past 12 weeks, with the exception of one week, when the number briefly increased to 16 rigs. OH has operated nine rigs for the past nine weeks, and WV has operated 10 rigs for an astonishing 21 weeks in a row, going back to Sep. 13 of last year. Read More “National Rig Count Gains 6 @ 582; M-U Count Steady @ 34”

We’re in full crash mode with the Baker Hughes national rig count. After losing five rigs three weeks ago, and four more two weeks ago, the BH rig count lost another four rigs last week—13 rigs out of circulation in three weeks. The number of rigs nationally now stands at 576, the lowest since Dec. 2021 (over three years ago). The Marcellus/Utica rig count was a combined 34 last week—the same number for six weeks in a row. PA has operated 15 rigs for the past 11 weeks, with the exception of one week, when the number briefly increased to 16 rigs. OH has operated nine rigs for the past eight weeks, and WV has operated 10 rigs for an astonishing 20 weeks in a row, going back to Sep. 13. Read More “National Rig Count Falls Again, Lowest in 3+ Years; M-U Steady”

After losing five rigs two weeks ago, the Baker Hughes national rig count lost another four last week. The number of rigs nationally now stands at 580, the lowest since Dec. 2021 (over three years ago). The Marcellus/Utica rig count was a combined 34 last week—the same number for five weeks in a row. PA has operated 15 rigs for the past ten weeks, with the exception of one week, when the number briefly increased to 16 rigs (the week ending on Dec. 6). OH has operated nine rigs for the past seven weeks, and WV has operated 10 rigs for an astonishing 19 weeks in a row, going back to Sep. 13. Read More “National Rig Count Whacked, Down 9 in Two Weeks; M-U Count Steady”

After remaining at the same level for five weeks in a row, the Baker Hughes U.S. rig count lost five rigs last week, dropping from 589 to 584. The Marcellus/Utica rig count was a combined 34 last week—the same number for five weeks in a row. PA has operated 15 rigs for the past nine weeks, with the exception of one week, when the number briefly increased to 16 rigs (the week ending on Dec. 6). OH has operated nine rigs for the past six weeks, and WV has operated 10 rigs for an astonishing 18 weeks in a row, going back to Sep. 13. Read More “Baker Hughes Nat’l Rig Count Loses 5, M-U Rig Count No Change”

The venerable Baker Hughes national rig count was 589 active rigs last week—which is FIVE weeks in a row. Very unusual. The Marcellus/Utica rig count was a combined 34 last week—the same number for FOUR weeks in a row. The national count remains rangebound between 581 and 589 since June 2024 (except for Sep. 13, when it hit 590 for a single week). The M-U remained static last week, with PA at 15 rigs, OH at 9 rigs, and WV at 10 rigs. Read More “No Change in M-U, Nat’l Baker Hughes Rig Counts 2nd Week in a Row”

This is an interesting pattern we’ve not seen in a long time for the venerable Baker Hughes rig count. The national rig count and the count for the Marcellus/Utica remained the same for multiple weeks in a row. The national count was 589 active rigs last week (now four weeks in a row). The M-U count was 34 last week (now three weeks in a row). The national count remains rangebound between 581 and 589 since June 2024 (except for Sep. 13, when it hit 590 for a single week). The M-U remained static last week, with PA at 15 rigs, OH at 9 rigs, and WV at 10 rigs. Read More “No Change in Either M-U Or National Baker Hughes Rig Counts”

The Baker Hughes national rig count dramatically increased three weeks ago, adding seven rigs for a national count of 589 (see OH Drops 1, PA Adds 1 Rig; National Rig Count Soars, Adds 7 @ 589). For the past three weeks, we have held on to the gains made (still at 589), including last week. Note that the national count continues to be rangebound between 581 and 589 since June (except for Sep. 13, when it hit 590 for a single week). The Ohio Utica lost one rig three weeks ago, and the Pennsylvania Marcellus picked it up. Two weeks ago, PA lost the rig it picked up the week prior. Last week, nothing changed; the combined M-U count stands at 34 for two weeks in a row, with PA at 15 rigs, OH at 9 rigs, and WV at 10 rigs. Read More “No Change in M-U Rig Count @ 34; No Change in Nat’l Rig Count @ 589”

The Baker Hughes national rig count dramatically increased two weeks ago, adding seven rigs for a national count of 589 (see OH Drops 1, PA Adds 1 Rig; National Rig Count Soars, Adds 7 @ 589). Last week, the national count didn’t change, and we are holding on to the gains made the previous week (still at 589). Note that the national count continues to be rangebound between 581 and 589 since June (except for Sep. 13, when it hit 590 for a single week). Two weeks ago, the Ohio Utica lost one rig, and the Pennsylvania Marcellus picked it up. However, last week, PA lost the rig once again, so the combined M-U count now stands at 34, down one rig from the previous week. Read More “PA Drops 1 Rig, M-U @ 34; National Rigs Keep Gains, Even @ 589”

The Baker Hughes national rig count dramatically increased last week, adding seven rigs for a national count of 589. Note that the national count continues to be rangebound between 581 and 589 since June (except for Sep. 13, when it hit 590 for a single week). Will we break out of the rut and go higher? Stay tuned. Meanwhile, the Ohio Utica lost one rig last week, but the Pennsylvania Marcellus picked it up, keeping the combined M-U count at 35. Read More “OH Drops 1, PA Adds 1 Rig; National Rig Count Soars, Adds 7 @ 589”

The Baker Hughes national rig count dropped another rig last week and now sits at 582. The national count continues to be rangebound between 581 and 589 since June. Slicing the national count slightly differently—by oil-focused vs. gas-focused rigs—oil rigs fell by two to 477 last week, their lowest since July, while gas rigs rose by one to 100. Last week, all three Marcellus/Utica states maintained the same count for the third week in a row, with PA operating 15 active rigs and Ohio and West Virginia operating 10 rigs each, for a combined 35 rigs. That’s the third week in a row the M-U has operated 35 rigs. It feels like the doom and gloom is finally starting to lift. Read More “M-U Rigs Steady @ 35; National Rig Count Drops Another Rig @ 582”