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US oil and natural gas rig count drops by 34 to 954

rig dark

Oilfield services company Baker Hughes Inc. says the number of rigs exploring for oil and natural gas in the U.S. declined by 34 this week to 954 amid depressed oil prices. Houston-based Baker Hughes said Friday 734 rigs were seeking oil and 217 explored for natural gas. Three were listed as miscellaneous. A year ago, 1,831 rigs were active. Among ...

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Less rigs and more production

drills

One company operating in the Marcellus and Utica Shale formations has managed to nearly double its daily production during the first quarter and cut its rig count in the formations by almost half. As reported by the Pittsburgh Business Times, Antero Resources shared in its more recent operational update that its production increased by 89 percent, bringing its daily average ...

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Oversupply causing oil and natural gas drillers to scale back

worker drilling

Oil and natural gas drillers are hitting the brakes on U.S. shale production as prices tumble, but the U.S. remains poised to slash its reliance on energy imports by 2040, according to a government report. In the short term, the domestic drilling industry is facing significant headwinds as plummeting oil prices and oversupply have prompted companies to scale back spending, ...

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Oil rises towards $59, supported by U.S. drilling slowdown

pump jack

LONDON – Brent crude rose towards $59 a barrel on Monday as a slowdown in U.S. drilling continued to support prices, offsetting a drop in Chinese oil imports. Front-month Brent futures were up 93 cents at $58.80 a barrel by 1336 GMT, having earlier touched $59.54. U.S. crude was up $1.10 cents at $52.54 a barrel, after hitting $53.10. The ...

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How efficiently has American drilling matured?

How can we measure well efficiency from year to year? Well just recently, the American Petroleum Institute (API) initiated a survey that aimed to find out how efficient wells have become over the course of America’s energy revolution. According to the API’s 2013 Joint Association Survey on Drilling Costs, an estimated $147.7 billion was invested in drilling roughly 45,000 U.S. ...

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Barnett rig count climbs but remains in single digits

The number of rigs searching for natural gas in the Barnett Shale remained in the single digits this week, with six derricks drilling wells in North Texas. Tarrant County led the way with two rigs, and Clay, Denton, Jack and Wise counties reported one each, according to RigData, a Fort Worth company that monitors oil and gas field activity. The ...

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US oil and natural gas rig count drops by 20 to 1,028

HOUSTON — Oilfield services company Baker Hughes Inc. says the number of rigs exploring for oil and natural gas in the U.S. declined by 20 this week to 1,028 amid slumping oil prices. Houston-based Baker Hughes said Thursday 802 rigs were seeking oil and 222 exploring for natural gas. Four were listed as miscellaneous. A year ago, 1,818 rigs were ...

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More good news for Colorado employment

Unlike that of its neighbors to the north, Colorado’s job and employment outlook offers a cause for optimism. The Denver Business Journal reports that the state added 12,200 jobs just in February–nearly double Colorado’s monthly average addition of non-farm jobs–and has maintained an unemployment rate of 4.2 percent for three months. Brian Lewandowski, associate director of the Business Research Division ...

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Oil prices dip as Iran, world powers seek nuclear deal

SINGAPORE – Oil prices dipped in Asian morning trading on Monday, adding to steep losses in the previous session, as Iran and six world powers tried to reach a deal that could add oil to the market if sanctions against Tehran are lifted. Iran and six world powers tried to break an impasse in nuclear negotiations on Sunday ahead of ...

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As natural gas pipes drop, budgets, jobs are scaled back

When “Dallas” was a top-rated television show back in the ’80s, oilmen were portrayed as wildcatters, the last of a breed of take-no-prisoners businessmen who took risk after risk. Wildcatters, even fictional ones like J.R. Ewing, and real ones like T. Boone Pickens, drilled where their gut told them. Sometimes they won, sometimes they didn’t. The wildcatters were true boom ...

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