The latest Baker Hughes rig report, released on Friday, indicates that U.S. oil and gas drilling activity remains relatively stable, with a slight decline of just one rig, bringing the total active count to 584. While the nation’s rig count has seen a reduction compared to last year, the week’s report highlights minor fluctuations across several key states, reflecting a dynamic yet steady landscape in the energy sector. Texas, Oklahoma, and New Mexico remain pivotal in shaping the overall trends, with varied changes in oil and gas drilling activity signaling ongoing adjustments to market conditions.
Here’s a summary of the Baker Hughes rig report for the week:
National Overview:
- Total Rig Count: 584 (down by 1 rig)
- Oil Rigs: 478 (down by 1 rig)
- Gas Rigs: 101 (up by 1 rig)
- Miscellaneous Rigs: 5 (up by 1 rig)
- Year-over-Year Change: Down by 34 rigs
- Oil Rigs: Down by 22
- Gas Rigs: Down by 13
- Miscellaneous Rigs: Up by 1
- Offshore Rigs: Unchanged at 14
State-Level Changes:
- Oklahoma: Down by 1 to 43 rigs (up from 37 rigs a year ago)
- Texas: Down by 2 to 279 rigs
- New Mexico: Up by 2 to 102 rigs
- North Dakota: Unchanged at 34 rigs
- Louisiana: Unchanged at 33 rigs
- Kansas (Red Top Report): Down by 4 to 30 rigs
- Colorado: Unchanged at 11 rigs
- Ohio: Unchanged at 10 rigs
- Pennsylvania: Up by 1 to 15 rigs
- Utah: Down by 1 to 11 rigs
- West Virginia: Unchanged at 10 rigs
- Wyoming: Unchanged at 18 rigs
Key Insights:
- The overall rig count has remained relatively steady with minor shifts, though it remains lower compared to last year.
- Texas continues to dominate the rig count but saw a slight decline.
- New Mexico, a key region in the Permian Basin, showed growth in rig activity.
- The increase in gas rigs indicates continued interest in natural gas production despite overall declines in rig counts.
This report indicates a stable trend in drilling activity across the U.S., with variations by state.
