Rig count increases by 3% during the last week

The U.S. rig count increased by one in the last week to 622 as of Sept. 29, according to Enverus Rig Analytics. The count is up almost 3% in the last month and up 98% in the last year.

The Permian and Anadarko basins had the largest weekly increases, with each gaining two rigs. Appalachia lost the largest number of rigs week over the week, dropping five to a total of 43. The largest single state increase was Louisiana, which added three offshore rigs.

The most active operators in the U.S. currently are:

  • Pioneer Natural Resources Co. with 23 rigs;
  • Mewbourne Oil Co. with 18;
  • Continental Resources Inc. and EOG Resources Inc. with 17 each; and
  • Devon Energy Corp. and ConocoPhillips Co. with 16 apiece.

Chesapeake Energy Corp. and Continental Resources had the largest increase week-over-week, with each company adding two rigs. Chesapeake Energy added both rigs in the Gulf Coast, while Continental Resources added one rig each in the Powder River and Williston basins. Mirada Petroleum dropped both of its rigs in the Appalachian Basin and was the only company to drop more than one rig week over week.

U.S. crude futures were trading above $75/bbl on Oct.r 1, putting them near their highest since October 2018, as OPEC and their allies like Russia (OPEC+), keep supplies tight amid recovering demand.

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