U.S. Oil And Gas Rig Count Falls Slightly

The number of total active drilling rigs in the United States slipped this week, according to new data from Baker Hughes published on Friday.

The total rig count fell 4 to 780 this week—204 rigs higher than the rig count this time in 2021, and 295 rigs lower than the rig count at the beginning of 2019, prior to the pandemic.

Oil rigs in the United States fell by 2 this week, at 625. Gas rigs also fell by 2, to 153. Miscellaneous rigs stayed the same at 2.

The rig count in the Permian Basin stayed the same this week at 350. Rigs in the Eagle Ford rose by 1 to 72.

Primary Vision’s Frac Spread Count, an estimate of the number of crews completing unfinished wells—a more frugal use of finances than drilling new wells—fell sharply in the week ending December 2. The frac spread count is now 290, down 10 from the previous week. This the same number of crews as a month ago and 19 higher than this time last year.

Crude oil production in the United States broke its four-week stagnate streak in the week to December 2, rising to 12.2 million bpd, according to the latest weekly EIA estimates. U.S. production levels are up 500,000 bpd so far this year and 500,000 bpd versus a year ago.

At 12:30 p.m. ET, the WTI benchmark was trading up $0.13 on the day (+0.18%) at $71.59 per barrel—but down more than $10 per barrel since this time last week.

The Brent benchmark was trading up $0.22 (+0.29%) at $76.37 per barrel on the day, and down about $10 per barrel compared to last Friday. 

WTI was trading at $70.89 minutes after the data release, down nearly 1% on the day.

By Julianne Geiger for Oilprice.com

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