The US active land rig count continued to be decimated in Q1, reports RigData’s Land Rig Newsletter. The active US land rig count fell by -84 rigs, or -17.7%, to a total of 391 working rigs in March when compared to February.
This was the third straight month with more than -80 rigs declining. After starting the year with January losing -84 rigs, February saw a loss of -85, and March sent another -84 rigs to the yard. Operators who employ 10 or more rigs dropped the largest percentage and number of rigs vs. the other two rig fleet categories, releasing 45% of their active rigs in March vs. the previous month.
Additionally, four of the operators who employed 10 or more rigs in February—including ConocoPhillips (-6), Newfield (-4), Marathon (-4) and Cimarex (-1)—dropped to the 4–9 rigs fleet category. Of the four remaining members of the 10+ rigs fleet group, both Continental and EOG held steady rig counts, while ExxonMobil and Pioneer Natural trimmed back their efforts.