Updated Aug 30, 2024
8/30/24
Compared with one year ago, the U.S. land-based rig count is up 125% as drillers continue returning to their favorite shale patches. Over the same period, the U.S. offshore rig count has languished, up two units during the week ending Friday but still down by one rig from a year ago, according to Baker Hughes Inc.
California Resources Corp. (CRC) has switched to a more aggressive strategy despite continuing volatile commodity prices . Its CEO said he doesn't see any of the major exploration and production companies similarly increasing their activity in the nation's third-largest oil-producing state.
The U.S. natural gas rig count added two units during the week just ended, according to Baker Hughes Inc. (BHI). Six oil rigs were added. The gains were modest compared with some recent counts, and a slowing of rig additions could be on the way, some say.
The U.S. land-based rig count posted a modest gain of four during the week just ended, according to Baker Hughes Inc. (BHI), and the pace of rig gains could slow in the months ahead, according to some. Meanwhile, analysts are awaiting the additional gas supply yet to come from rigs already added.
The recovery in the U.S. onshore should continue to improve, but at a more moderate pace, according to the CEO of one of the largest land drilling contractors, Helmerich & Payne Inc. (H&P).
Texas rigs have been coming back and so have the oil and natural gas jobs, according to data from Baker Hughes Inc. (BHI) and the Texas Workforce Commission (TWC).
Texas rigs have been coming back and so have the oil and natural gas jobs, according to data from Baker Hughes Inc. (BHI) and the Texas Workforce Commission (TWC).
The comeback continues in North America's onshore, with Precision Drilling Corp. now running 59 rigs in the United States and 36 in Canada, combined activity that is almost three times higher than last year's record lows.
When rigs return to the energy patch, it doesn’t just mean more oil and natural gas production, they bring with them increased economic activity to the regions where they operate, as the nation’s Federal Reserve banks have noted recently.
The United States saw a net gain of five oil and five natural gas rigs during the week just ended. More than twice as many oil rigs are operating as there were one year ago, and natural gas rigs are up by 90% from their year-ago tally.