Henry Hub prices hit $4 eight weeks ago, and horizontal rigs have...
wait for it...
remained flat!
No big surprise in Appalachia, as interstate pipelines are flowing near capacity. RBN reported in August that Appalachia utilization is the highest since 2016-2017. In that period, many new pipeline projects were underway to expand capacity. Today, new pipeline projects remain delayed or canceled throughout the basin.
It will be interesting to see if operators in other basins continue to hold the line with capital restraint and not ramp-up rigs toward year-end.
All US Rigs 512(+9)
US Horizontal Rigs 466 (+5)
US Hz Gas Rigs 90 (-1)
US Hz Oil Rigs 375 (+6)
US Hz Misc Rigs 1 (-)
The largest changes by county this week are:
Lea Co., NM adding 2 for 51 horizontal rigs
Washington Co., PA adding 2 for 3 horizontal rigs
Mudrock’s weekly map and charts are interactive. To use the visualizations visit https://www.mudrockenergy.com/rig-update