RigData Insights

US Land Rig Count Continues To Fall

  • Tuesday, May 26, 2015
  • Posted By Unknown
The US land rig count has continued its fall, with the industry now on the precipice of seeing the count drop below 800 rigs in the weeks ahead, according to the RigData News & Analysis team, writing in the RADAR Report. As of March 15, 809 rigs were drilling for oil and gas, for a -2.7% decline from the previous week. The land rig count is averaging a decline of -37 rigs/week. What we are now seeing is the tail end of this pullback, with the pace of declines slowing considerably. At the same time, what drilling is occurring is concentrated increasingly in selected areas of the plays that have driven rig counts during the boom phase of this cycle. For example, four counties in North Dakota account for 70 of the 76 rigs currently active in the Bakken Shale. Should oil and gas prices deteriorate further, the rig count would drop by another 110 rigs in such core areas across the US in order to mirror what the rest of land drilling activity has already experienced.




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