Rig Count Increases for 10th Straight Week
The number of U.S. rigs running rose by 16 in the last week as of Nov. 24. The count is up 18% in the last month, but down 52% year-over-year. According to Enverus, notable weekly increases included the Permian Basin (eight), Appalachia (five), Gulf Coast (three) and Williston Basin (one).
The number of operating rigs has surged since August, when it hit a record low of 244, according to Baker Hughes data going back to 1940. This was the 10th weekly increase in 11 weeks.
In the Permian Basin, Mewbourne Oil Co. added one rig in the last week, bringing its total to seven and reaching an activity level it hasn’t had since April. EOG Resources Inc. continued its Permian acceleration, adding one rig. Currently running 13 rigs in the basin, the company has been adding rigs since the end of August when it was only running four rigs. Also up by one rig on the week, Endeavor Energy Resources LP is now running five Permian rigs compared to the three with which it entered October.
In Appalachia, EQT Corp. added two rigs in the last week for a total of four. Ascent Resources increased its program by one rig to three.
U.S. crude futures were trading around $46 a barrel on Nov. 25, up about 145% over the past seven months, on hopes that effective coronavirus vaccines will spur the return of oil demand.
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