Horizontal Oil Rigs Fall Below 300
Baker Hughes weekly rig report Thursday 5/1/2020
All US Rigs 408 (-57)
US Horizontal Rigs 374 (-52)
US Hz Gas Rigs 76 (-2)
US Hz Oil Rigs 298 (-50)
For only the second time since Baker Hughes has released detailed rig data in 2011, the horizontal oil rigs have fallen below 300. The only other instance was from mid-March to the end of July in 2016.
In today’s report, the horizontal gas rigs showed little change dropping two. The oil horizontal rigs continued their precipitous fall losing another 50 rigs.
The county with the biggest change this week was Weld Co., CO dropping 7 horizontal rigs to a total of 7 active rigs.
Weekly map and charts are now interactive. To use the visualizations visit https://www.mudrockenergy.com/rig-update