Gas rigs drop under 100
Baker Hughes released its weekly rig report Friday 1/24/2020. The headline numbers were: All US Rigs 794 (-2) and US Horizontal Rigs 710 (+1).
US Horizontal Oil Rigs were 611 (+4) and have increased 27 rigs from the December 2019 low of 584.
Focusing on the US Horizontal Gas Rigs the number has dropped below 100 for the first time since 11/23/2016. The 99 (-3) active rigs continues the decline observed throughout 2019. Below is a chart showing the last 52 weeks of horizontal gas rig data.
Drilling continues to be dominated by Appalachian rigs with 47% and Haynesville rigs with 43% (see map below).
However, the drop in gas rigs has a long way to go to hit the levels observed in the summer of 2016 of 60 active rigs (see chart below).