Rig count slowly increases with nine new rigs running; Increases in Rockies and Permian Basin
The number of rigs running in the U.S. rose by nine in the last week to a total of 332, according to Enverus.
The rig count is up 12% in the last month but down 61% in the last year. Major basins with increases in the last week were the Anadarko (up four to 18), Denver-Julesburg (two each in Utah and Wyoming) and Permian (one in RRC Dist. 7c and one in RRC Dist. 8a). Cimarex Energy Co. is now running one rig in the Anadarko Basin after being inactive since the end of March 2020.
U.S. crude futures have hovered around $40/bbl over the past several months, recovering 115% from spring's historic lows due to coronavirus demand impact but are still down about 33% since the start of the year.
Also last week, Halliburton, the largest U.S. hydraulic fracturing service provider, said it sees progressive improvement with an uptick in activity around unfinished wells. Plus, North Dakota’s oil production rose about 12% in August as more wells and drilling rigs resumed production after a drop earlier this year, the state's regulator said.
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