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Category: Rigs

The Oil Collapse Isn't Stopping America's Investment in Energy

February 03, 2015 Posted by Chris Wysong

Despite rapidly falling oil prices, spending on rigs and wells were up in the last quarter of 2014. The Oil Collapse Isnt Stopping Americas Investment in Energy By: Vince Golle After an epic collapse in crude prices, U.S. oil companies still arent blinking. Investment in drilling rigs and wells actually improved in the closing months of 2014. Outlays for rigs and wells climbed at an 8.9 percent pace in the fourth quarter after an 8.3 percent increase from July through September, todays Commerce Department report on gross domestic product showed. As you can see from the chart below, those figures are a slight slowdown from numbers in the first half of 2014, but are definitely no halt. That increase is even more impressive when you look at what happened to equipment spending across all businesses in the worlds largest economy. That fell by the most since the recession, taking some of the luster off the consumer-driven economy. Spending on oilfield machinery is more difficult to decipher.

Posted in Oil, Rigs, Wells

Oil Rigs Hit Record as Drillers Move Outside Big Basins

August 18, 2014 Posted by Chris Wysong

Domestic crude production has surged to its highest level in more than a quarter-century due to a record number of oil rigs being drilled outside major U.S. basins. In this article from Bloomberg, Lynn Doan and Richard Stubbe examine where drillers are seeking new oil plays and how that is benefitting U.S. oil production. Oil Rigs Hit Record as Drillers Move Outside Big Basins By: Lynn Doan and Richard Stubbe Rigs targeting oil in the U.S. surged to a record as drillers ventured outside the nations biggest basins to search for crude in developing plays such as the South-Central Oklahoma Oil Province, known as SCOOP. Oil rigs jumped by 15 to 1,588 this week, even as the counts in some of the most established basins, including the Permian of Texas and New Mexico, were either unchanged or down, data posted on Baker Hughes Inc. (BHI)s website show. It was the most since Baker Hughes separated the oil and gas rig counts in 1987. Rigs targeting crude outside the major plays jumped

Posted in Oil, Rigs, Drilling, Plays

BHI Rig Count

August 11, 2014 Posted by Chris Wysong

Baker Hughes Incorporated has posted Weekly Rig Count reports to its Investor Relations website. BHI Rig Count By: Baker Hughes Incorporated BHI Rig Count: U.S. + 19 to 1908 rigs U.S. Rig Count is up 19 rigs from last week to 1908, with oil rigs up 15 to 1588, gas rigs up 3 to 316, and miscellaneous rigs up 1 to 4. U.S. Rig Count is up 130 rigs from last year at 1778, with oil rigs up 203, gas rigs down 70, and miscellaneous rigs down 3. To read the rest of this article, visitBaker Hughs Incorporated. Additional information on the rig count is available on BHI rig count website at www.bakerhughes.com/rigcount. The Baker Hughes Well Count information is available at www.bakerhughes.com/wellcount.

Posted in Oil, Rigs
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