On June 10, Baker Hughes reported that U.S., Canadian and international rig counts were all up since the prior counts.
Domestic rigs were up by 6, to 414; and Canadian rigs were up by 24, to 65 since the last count on June 3. International rigs were up by 9, to 955, since the last count in April.
Reuters reported separately that crude prices rose to an 11-month high during the week of June 6, and domestic oil rigs were added for second week in a row for the first time since August.
“There are some signs that rigs may be returning in the best acreage, namely the best counties in the Permian Basin,” according to a Morgan Stanley analysts’ report that Reuters cited.
According to Baker Hughes’ data, all of the featured regions’ rig counts were down since the year-ago counts of June 12, 2015 and May 2015, respectively.
Recommended Reading
CEO: Continental Adds Midland Basin Acreage, Explores Woodford, Barnett
2024-04-11 - Continental Resources is adding leases in Midland and Ector counties, Texas, as the private E&P hunts for drilling locations to explore. Continental is also testing deeper Barnett and Woodford intervals across its Permian footprint, CEO Doug Lawler said in an exclusive interview.
Halliburton’s Low-key M&A Strategy Remains Unchanged
2024-04-23 - Halliburton CEO Jeff Miller says expected organic growth generates more shareholder value than following consolidation trends, such as chief rival SLB’s plans to buy ChampionX.