Hart Energy Unconventional Activity Tracker (Week of June 28, 2021)

Rig count edges up again

The number of rigs running in the U.S. rose by eight in the last week to 534, according to Enverus Rig Analytics. As of June 23, the count is up 3% over the last month and up 84% year-over-year.

Enverus reported the most significant week-over-week changes to the rig count occurred in the Anadarko Basin with the addition of nine rigs bringing the total to 41. The last time there were this many rigs operating in the basin, according to the firm, was March 2020.

In the Anadarko Basin, Continental Resources currently has five operating rigs and is followed by Citizen Energy with four rigs, which added a second rig this year. The most active counties in the Anadarko Basin are Oklahoma’s Grady (six rigs), Blaine (four), Canadian (four) and Kingfisher (three).

WTI crude futures in the U.S. were trading around $74/bbl this week, their highest since October 2018.

Oil and gas producers are also spending more money on projects and expect to raise that amount again next year, according to executives polled by the Federal Reserve Bank of Dallas in an optimistic outlook driven by the uptick in activity and a jump in oil prices.

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