The total rig count in the U.S. fell by two to end the week of July 21 at 950 rigs, according to the latest report from Baker Hughes, a GE company (NYSE: BHGE).
U.S. oil drillers cut rigs for a second week since January. The oil rig count was 764, down one from last week. Analysts said the decline was likely a pause in a drilling recovery expected to continue through at least 2019, according to a Reuters report.
Still, the number was more than double the 371 oil rigs that were operating in the U.S. about this time a year ago.
U.S. rigs targeting gas also dropped by one. The count stood at 186, compared to 88 a year ago.
The Haynesville saw the biggest uptick with two rig additions to bring its rig count to 45, the same number as the Marcellus. About this time last year the Haynesville rig count was 16. There has been a resurgence of activity in the area with a pickup in not only rig counts but also A&D action. Among the latest deals was GEP Haynesville’s purchase of 5,256 net acres in the Haynesville Shale from Sabine Oil & Gas Corp. The acreage is located in Louisiana’s Red River Parish.
Not to be outshined, the Permian count ended the week with 374 rigs. That’s up one compared to last week.
The Williston and DJ-Niobrara basins also added one rig apiece, while the Arkoma Woodford, Barnett and Mississippian saw their rig counts fall by one. The Eagle Ford’s rig count fell by two to 78.
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