Page 2 - Rig Counts News Today

Rig counts are falling—a reflection of higher interest rates and labor costs that now affect drilling costs, moving break-even prices even higher out in the price curve.

The extension of the supply cuts from OPEC+ have overcome concerns about global oil demand and to push price of Brent crude above $90 for the first time since November 2022.

U.S. energy firms this week cut the number of active oil and natural gas rigs for an eighth week in a row, says Baker Hughes. 

Oil rigs in the U.S. fell by 5 to 540, while gas rigs rose by 11, landing at 135, which is the highest since early June. 

Oil rigs in the U.S. fell by 1 to 545, while gas rigs dropped by 6 to 124.

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The Permian led the nation in drilling rig activity in the past year, with data showing much of that growth coming from large, public upstream operators as private companies such as CrownQuest Operating, Iskandia Energy and Mack Energy have downshifted.

U.S. oil rigs fell seven to 600 this week and gas rigs stayed unchanged at 151, still up 103 rigs, or 15.8%, over this time last year.

The U.S. oil rig count rose to 609 by 10, while the gas rig count fell to 150 by eight, according to Baker Hughes.

Tightness in supply, staffing constraints and high oil prices all contribute to Esgian’s projected 13% growth in offshore rig demand for 2023.