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U.S. Oil Rig Count Update – 9/6/18

  • September 7, 2018February 10, 2020
  • by Belinda Przybylski

According to Baker Hughes, U.S. oil rig counts remained near three year high levels through the end of Aug ’18, finishing just 0.8% below the recent highs experienced the week ending Aug 17th. Aug 31st week ending U.S. oil rig counts increased 0.2% from the previous week while remaining higher on a YOY basis for the 87th consecutive week, increasing 13.6%. Aug 31st week ending crude oil production remained at a record high level however oil production per rig declined from the previous week. 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 31st Oil Rig Counts Increased 0.2% Week-Over-Week and 13.6% 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 31st Weekly Crude Oil Production Remained at a Record High Level

Aug 31st Crude Oil Production per Rig Finished Slightly Below the Previous Week

Railroad Service Report Update – Sep ’18
U.S. Oil Rig Count Update – 8/21/19
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Galena, IL 61036
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