Texas, Louisiana Fuel 16th Straight Weekly Rig Count Gainby Will Brackett
The U.S. rig count increased for the 16th consecutive week, led by gains in Texas and Louisiana, oilfield services firm Baker Hughes reported on Friday, May 5. The overall rig count grew by 7 for the week to 877, a total that is 111 percent greater than at the same time a year ago.
The count of rigs drilling oil wells grew by 6 for the week, while the number of rigs drilling gas wells rose by 2. Over the past year, the oil-directed rig count has grown by 114 percent, while the number of gas-directed rigs has doubled.
Among major states, it was a mixed bag for the week. As mentioned previously, Texas and Louisiana led the gains, growing by 6 and 4, respectively. On the flip side, Oklahoma declined by 7 during the week.
Turning to major basins, the Permian was responsible for almost all of the gains, increasing by 7. On the other hand, the Cana Woodford dropped by 4, while the Marcellus declined by 3. The Permian and Eagle Ford combined account for almost half of the active onshore rigs in the U.S. at present.