RigData Insights

Privately Held Companies Biggest Contributor to Rig Count Drop

  • Thursday, November 21, 2019
  • Posted By Unknown

rig countEnverus Daily Rig Count, November 14, 2019‚Äč

Nearly two-thirds of the rig count drop over the past 12 months was due to privately held companies idling their drilling rigs. During this period, a net 29% of private operators, who were drilling at the beginning of this period, have since suspended all of their U.S. drilling operations.


Though the rig count appears to have flattened out over this past week, the rig reductions by private operators continued unabated. We observed a net five private companies and a net seven rigs controlled by this group fall out of the mix relative to one week ago.


Conversely, the group of publicly traded E&P companies whose drilling was stable added a net seven rigs over the week. Think of the private E&P companies as an indicator of the directional health of the oil & gas industry. Thus, any activity stabilization for this group of private companies is likely a sign that better times for the entire industry may be on the horizon.


Unfortunately, we are not observing such a signal yet.



Enverus revolutionized the rig count process by tracking more than 95 percent of the U.S. rig fleet on a daily basis, primarily through the use of GPS units. Users no longer have to wait a week or more to access the rig data they need to make time-sensitive decisions. The information presented on this page is fed directly from the Enverus Rig Analytics database and updated daily.

To see the daily rig count, data, trends and analysis click here





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