Source: Platts | Bob Williams, Managing Editor | December 12, 2017
For some months now, Platts RigData’s RADAR has assessed the Big Stall in the US active rig count. Of course, the rig count itself keeps that effort ongoing, having established a delta range of only -31 to +22 vs. the average (918) over the entire second half of the year.
Compare that with the first half of this year, when the same comps work out as -304 to +129 vs. an average of 800. If it weren’t for the Permian Basin—and one play in that basin in particular—the horizon would have looked even flatter.
Considering 6-month average rig counts for the first and second halves of the year, the Permian accounted for exactly half of the +100 rig gain the total US active land rig count experienced from 1H 2017 to 2H 2017 (+61 vs. +122). But during the second half, the Permian added +23 active rigs—from the first of July through end-November. In that same timespan, the overall US tally lost -10 rigs.
Call 1-800-627-9785 to subscribe to RigData’s RADAR, the leading statistical monitor of overall land rig market activity and drilling trends by region, play, operator, driller, and many other proprietary metrics.