(oilprice.com) The North American Baker Hughes Rig Count came out Friday. The decline continues. Baker Hughes gives an oil and gas breakout for every basin and state with five years of historical data. Baker Hughes has twenty eight and one half years of historical data for total U.S. rigs but only five years for individual basins. Gas rigs peaked in August 2008 at 1,606 rigs, over six years before the peak in Oil rigs. On February, 26, gas total U.S. gas rig count stood at 102, a decline of over 93 percent. A closer look at the total U.S. total rig count.
October 10, 2014 1,609 rigs
February 26, 2016 400 rigs
Percent decline 75 percent
In figuring the percent decline for each basin I have used October 10 as peak, the week U.S. rigs peaked even though all basins did not peak on that week.
October 10, 2014 198 rigs
February 26, 2016 36 rigs
Percent decline 82 percent
Eagle Ford October 10, 2014 202 rigs February 26, 2016 41 rigs Percent decline 80 percent Permian October 10, 2014 554 rigs February 26, 2016 162 rigs Percent decline 71 percent (Click to enlarge) Niobrara October 10, 2014 50 rigs February 26, 2016 16 rigs Percent decline 68 percent $80 Oil By June – Do NOT Be Fooled By The Mainstream Media The current market turmoil has created a once in a generation opportunity for savvy energy investors. Whilst the mainstream media prints scare stories of oil prices falling through the floor smart investors are setting up their next winning oil plays. Click here for more info on successful oil investing (Click to enlarge) Total rigs all seven shale basins October 10, 2014 1,028 rigs February 26, 2016 257 rigs Percent decline 75 percent Note: There are shale (LTO) wells outside the seven shale basins and there are […]