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Tag Archives: rig count

U.S. oil drillers cut rigs for 5th week -Baker Hughes

Oct 2 (Reuters) – U.S. energy firms cut 26 oil rigs in the latest week, the biggest reduction since April and the fifth straight weekly decline, data showed on Friday, a sign low prices were pushing drillers away from the well pad. The cutback for the week ended Oct. 2 brought the total rig count down to 614, the least ...

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OPEC sees higher demand for its oil in 2016 as rival output slows

LONDON (Reuters) – OPEC on Monday predicted higher demand for its crude oil next year, sticking to its view that its strategy of letting prices fall will curb supply from the United States and other rival producers. In a monthly report, the Organization of the Petroleum Exporting Countries said it expected demand for its crude next year to average 30.31 ...

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Weekly US oil and natural gas rig count falls by 16 to 848

gas drilling

HOUSTON — Oilfield services company Baker Hughes Inc. says the number of rigs exploring for oil and natural gas in the U.S. this week declined by 16 to 848. Houston-based Baker Hughes said Friday that 652 rigs were seeking oil and 196 explored for natural gas. A year ago, with oil prices about double the prices now, 1,931 rigs were ...

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Weekly US oil and natural gas rig count down by 13 to 864

HOUSTON (AP) — Oilfield services company Baker Hughes Inc. says the number of rigs exploring for oil and natural gas in the U.S. this week declined by 13 to 864. Houston-based Baker Hughes said Friday that 662 rigs were seeking oil and 202 explored for natural gas. A year ago, with oil prices about double the prices now, 1,925 rigs ...

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Black gold keeps black days away

The recent steady drop in crude oil prices might be the first sign of the end of New Mexico’s seven-year oil boom, meaning New Mexico’s economy could soon face challenges. One of the most prolific oil and gas regions in the United States, the Permian Basin is also one of the largest. It stretches about 250 miles wide and 300 ...

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U.S. oil drillers add rigs even as prices dive anew

U.S. energy firms added oil rigs for a fourth straight week, according to data that highlights how a period of stable prices earlier this summer lulled some drillers into stepping up spending just before a second oil market slump. Reflecting plans announced in May and June, when U.S. crude futures averaged $60 a barrel, drillers added two oil rigs in ...

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Permian Basin dominates rig counts

Despite being halved in the past year, the Permian Basin’s rig count heads the upswing with more rigs than any other US region. It’s been a rough year for rig counts in every shale play across the country, and the Permian Basin has been no exception. In the past 12 months, capped August 7 2015, the Basin suffered a loss ...

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