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Rig Activity - Week Ending 3-8-2019
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This week see that operators continue to reduce their rig count even as WTI price stays range bound between $50 - $56 per Bbl.
Rigs by Basin
Without repeating what is in the chart above, we will highlight a few points. Permian basin is up +2 rigs this week, Scoop/Stack is down -4 rigs, Niobrara-DJ Basin is also down -2 rigs.
Shale Experts is still sticking to its 2019 rig forecast, that see operators reducing ~100 rigs this year vs last year. So far this year, operators have already reduced rig count by 45.
Notable moves this week.
ExxonMobil reduced its total rig count by -5 to end the week at 63. The company is operating 53 rigs in the Permian
Chevron also reduced its rig count by -2 rigs to end the week at 23
Continental Resources continued to reduce its rig count, dropping -3 rigs this week to close out at 29 rigs.
track more rig activity by company, county, play, basin, well name, drilling contractor and more..
Much have been said about about Public E&Ps, vs Private, vs Private Equity Backed E&Ps. Below is a chart showing drilling activity by Company Type. As you can see, most of the reduction in rig activity so far this year vs last year has been from Private companies.
PE (Private Equity Backed) companies have actully grown their share of the rig activity.
Want to track more rig analysis? Go to our rig database.
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