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Rig Count Nearing Bottom, Permian Holds Stable
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According to Baker Hughes' March 18, 2016 rig count report, U.S. rig counts have dropped by -4 overall, while Canada reported a large decrease, losing -29. In February 2016, the International market lost -27.
Overall, -6 horizontal were taken down this week and 3 vertical rigs added. The Permian lost 0 rigs this week.
For the U.S., the total year-over-year (YOY) rig count drop is now at -593. The current active rig count in the U.S. is 476.
Canada's rig count declined by -29. The country's rig count has fallen by -71 rigs YOY with 69 rigs currently active.
- Niobrara 0, 15 total
- Barnett 0, 4 total
- Eagle Ford 2, 45 total
- Marcellus 0, 31 total
- Bakken 0, 31 total
- Utica -1, 10 total
- Permian 0, 152 total
- Woodford -3, 34 total
- Miss Lime -1, 7 total
On the International front, rig counts dropped by -27 in February of this 2016, with 1,045 rigs currently active.
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