The Enverus U.S. rig count rose by a whopping 20 to 379 over the past week. Prior to that, the count rose by 11, 11, and 13 for each of the three weeks prior, respectively. That’s up 55 rigs over the past month! The Marcellus and Utica each remained constant last week, not adding and not dropping. The Marcellus stands at 27 rigs, and the Utica at 6.
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Category: Crude Oil
Enverus US Rig Count Gains 11; Marcellus Down by 1, Utica Up by 1
The Enverus U.S. rig count rose by 11 to 347 over the past week, after having going up by 13 the week before (see Enverus US Rig Count Leaps Up 13, Marcellus Rigs Up by 4). The Marcellus Shale dropped one rig, but the Utica Shale picked up a rig, so overall the M-U maintained at 32 active rigs.
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Enverus US Rig Count Leaps Up 13, Marcellus Rigs Up by 4
The Enverus U.S. rig count rose by 13 to 336 over the past week, after having slid backward the week before (see Rig Count Slides Backward by 3, Marcellus Lost 2 Rigs Last Week). The best news? The Marcellus region gained four active rigs, two in the dry gas northeast region, and two in the wet gas southwest region. The Ohio Utica Shale maintained its seven active rigs.
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Enverus Onshore Rig Count Down Again; Marcellus @ 25, Utica @ 6
It’s been two weeks since we’ve updated the Enverus onshore rig count numbers. The good news is that the Marcellus/Utica region is staying steady with the Marcellus at 25 active rigs and the Utica at 6 active rigs (paltry numbers compared to months and years past). The bad news is that the count for the entire country is down from 280 a few weeks ago to 275 as of yesterday. That’s still higher than the record low of 264 in July.
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Enverus Onshore Rig Count Bumps Up & Down, Utica Loses 1 Rig
Another week, another look at the rig count. The onshore rig count continues to bump along near the bottom of historic lows. It’s not AT the bottom (thank God), but it does continue to flirt with low numbers. According to Enverus, which tracks rigs using GPS units, the count bottomed at the beginning of July with 264 active rigs. Since then it’s risen and currently stands around 280 rigs. Week to week it goes up and it goes down, but not down significantly. According to Enverus, the count lost a rig last week.
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Enverus Onshore Rig Count Stays Flat – MU Rigs Move Around
The onshore rig count continues to bump along near the bottom. A few weeks ago we noted that after hitting bottom, the Enverus rig count had once again started to climb (see Bottom! Enverus Onshore Rig Count Finally Moves Higher Last Week). Then the count went down a bit again (see Retrograde: Enverus Onshore Rig Count Slips Again, Down 7 Rigs). Last week’s numbers show the count staying about the same–maybe up or down one or two rigs, we’ll call it even. The Baker Hughes rig count, on the other hand, hit an all-time historic low. Not since BH began counting rigs in 1940 has the count been this low. Yuck.
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Retrograde: Enverus Onshore Rig Count Slips Again, Down 7 Rigs
Two weeks ago the Enverus onshore rig count finally hit bottom and turned around, nudging up by five rigs (see Bottom! Enverus Onshore Rig Count Finally Moves Higher Last Week). Last week the count climbed again, up another 11 (see Enverus Onshore Rig Count Higher Again, Leaving Bottom Behind). Over the past seven days the rig count faltered and has gone backward (retrograde) once again, going down seven rigs. The good news is that we’re still higher than the bottom hit a few weeks ago.
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Trump Visits Texas Permian to Extol U.S. Energy Dominance
President Trump visited the Permian Basin yesterday to announce export authorizations for LNG will now go through 2050, to sign four permits for pipeline and rail transport of fossil fuels, and to get the truth out about his administration’s efforts to make America secure by making our country “energy dominant.” The liberal media spin machine was in overdrive trying to cover up the great news about U.S. fossil fuels–but they could not. Trump was on his “A” game yesterday and it showed.
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Fossil Fuels – The REAL Superheroes!
Who would win a fight between Thor and Superman? Could Wonder Woman defeat Spider-Man? Does it even matter? Of course not! We just know we love watching superhero movies. But there would be no superhero flicks without oil, natural gas, and coal. You wouldn’t know it to listen to the news media, activists, and many politicians, but these essential energy resources are the REAL LIFE superheroes of our daily lives. Without fossil fuels, we would all be living in an unending horror show with no popcorn, no drink, no comfortable seat, no air conditioning, and… not much else for that matter.
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Enverus Onshore Rig Count Higher Again, Leaving Bottom Behind
Once again the Enverus onshore rig count added more active rigs over the past week. Last week at this time the rig count stood at 279. This week, as of yesterday, the count stood at 290, a gain of 11 rigs! However, the Marcellus/Utica counts remain pretty anemic. The Marcellus lost a rig from the dry gas area of northeastern PA. The total Marcellus count is 27. The Ohio Utica remains steady at a paltry 7 active rigs.
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Bottom! Enverus Onshore Rig Count Finally Moves Higher Last Week
Over the past week, comparing this past Wednesday (Jul 15) with a week ago Wednesday (Jul 8), the Enverus onshore rig count increased by five–from 276 to 281. After four solid months of the rig count going down, perhaps we’ve finally hit bottom, turned a corner, and any other analogy you can think of to indicate better days are ahead.
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Rystad: O&G Drilling to Hit 20-Yr Low in 2020, >5 Yrs to Recover
Rystad Energy, an independent energy research and business intelligence company headquartered in Oslo, Norway (but with major offices in cities including Houston), recently issued their latest assessment of the worldwide oil and gas marketplace. Rystad is predicting the number of oil and gas wells drilled worldwide in 2020 will fall by a staggering 23% from the number drilled last year. Rystad’s prediction models stretch out five years and forecasts over the next five years the number of wells drilled in any given year will *still not* exceed the number of wells drilled in 2019. Yuck.
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EIA DPR: Marcellus/Utica Gas Production Continues Big Drop
Yesterday our favorite government agency, the U.S. Energy Information Administration (EIA), issued our favorite monthly report, the Drilling Productivity Report (DPR). The DPR estimates how much oil and natural gas each of the country’s seven largest shale plays produced in the previous (current) month, and how much each will produce in the coming (next) month. The July report, which predicts production for the coming month of August, estimates natural gas production in the Marcellus/Utica will decrease by 210 million cubic feet per day (MMcf/d)–the biggest decrease for any of the major shale plays.
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Onshore Rig Count Drops Another 3 to New Record Low of 276
In our weekly tracking of the Enverus rig count, the numbers from the latest report (as of Wednesday) show a new record low of 276 active rigs. Quite disturbing for us is that comparing Wednesday of this week with Wednesday of last week, the Marcellus/Utica rig count is down by a whopping six. Ouch. The rig apocalypse continues.
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Onshore Rig Count Craters, Still No Bottom, M-U Holds
For the past few months, MDN has followed the Enverus (Drillinginfo) rig count numbers. In our most recent rig count post from two weeks ago we noted the count had fallen to a historic, new all-time low of 298 (see Onshore Rig Count Hits New Low of 298 – Finds Bottom?). Dan Eberhart, CEO of Canary, LLC (the largest privately-owned oilfield services company in the U.S.) wrote a column on the Forbes website stating his belief the rig count had hit bottom and “the worst appears to be behind us.” Looks like Dan was wrong. The latest Enverus rig count, as of Monday, shows the rig count has slipped another 19 to 279. The apocalypse has arrived.
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Onshore Rig Count Hits New Low of 298 – Finds Bottom?
Last week S&P Global Platts reported the Enverus (Drillinginfo) rig count for the U.S. had slipped to a new all-time low of 299 (see U.S. Rig Count Goes Below 300 – Marcellus Gains 1, Utica Loses 2). This week for the first time in months, S&P didn’t bother to report on the latest Enverus rig count. So we have our own report. Overall rigs decreased by one more, to 298, over the past week, prompting some industry experts to speculate we’ve finally “hit bottom” with the rig count. Have we?
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