U.S. Oil Rig Count Update – 8/8/18
According to Baker Hughes, U.S. oil rig counts remained near recently experienced three year high levels through the week ending Aug 3rd. Aug 3rd week ending U.S. oil rig counts declined 0.2% from the previous week but remained higher on a YOY basis for the 83rd consecutive week, increasing 12.3%. Aug 3rd week ending crude oil production declined slightly from recently experienced record high levels while oil production per rig declined to a two month low. Crude oil production is expected to strengthen throughout coming months according to drilling productivity estimates compiled throughout areas accounting for 95% of recent production gains.
Oil Rig Counts Followed Crude Oil Prices Lower but Have Rebounded Since Mid-2016
Oil Rig Counts Peaked in Late 2014, Prior to Declining Sharply in Early 2015
Aug 3rd Oil Rig Counts Down 0.2% Week-Over-Week but Remain up 12.3% YOY
The Declines in Oil Rig Counts Since the Nov ’14 Peak Remain Significant
Declines in Vertical Rigs Remain the Most Significant on a Percentage Basis
Aug 3rd Weekly Crude Oil Production Declined From Recent Record High Levels
Aug 3rd Crude Oil Production per Rig Declined to a Two Month Low