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Author Topic: U.S. Rig Count Continues its Climb  (Read 875 times)

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Offline Smokin Joe

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U.S. Rig Count Continues its Climb
« on: July 12, 2016, 11:18:30 am »
U.S. Rig Count Continues its Climb

http://www.oilandgas360.com/u-s-rig-count-continues-climb/?utm_medium=email&sslid=Mzc1NLC0NLOwsLQEAA&sseid=szCxsLSwMLQEAA&jobid=f6ec0850-85d3-4727-a276-c683283295a7
Oil & Gas 360

Rig counts continue to climb while oil prices retreat

After yesterday’s bottom fell out for oil and prices hover near the $45 per barrel mark, the U.S. rig count continues to increase. The total number of rigs actively drilling this week increased by nine to 440, according to information released from Baker Hughes Industries (ticker: BHI). Despite increases over the past weeks, the total rig count is still down 423 rigs from this time last year.

The number of rigs targeting oil rose by 10 in the week ended July 8, 2016, to 351 as operators put rigs back to work. Oil prices recovered from their lows earlier this year, prompting operators to increase activity. Even though U.S. production is down, the rising rig count has some analysts worried that production may increase soon, capping recent gains in oil price.

The number of rigs drilling for gas decreased by one this week to 88 active rigs. Based on the information in BHI’s report today, that rig was drilling in Kansas.

Excerpt...More at

http://www.oilandgas360.com/u-s-rig-count-continues-climb/?utm_medium=email&sslid=Mzc1NLC0NLOwsLQEAA&sseid=szCxsLSwMLQEAA&jobid=f6ec0850-85d3-4727-a276-c683283295a7
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Offline Smokin Joe

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Re: U.S. Rig Count Continues its Climb
« Reply #1 on: July 12, 2016, 11:19:16 am »
Note, the article continues to mention that the Permian Basin is the most active area.
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How God must weep at humans' folly! Stand fast! God knows what he is doing!
Seventeen Techniques for Truth Suppression

Of all tyrannies, a tyranny sincerely exercised for the good of its victims may be the most oppressive. It would be better to live under robber barons than under omnipotent moral busybodies. The robber baron's cruelty may sometimes sleep, his cupidity may at some point be satiated; but those who torment us for our own good will torment us without end for they do so with the approval of their own conscience.

C S Lewis

Offline MajorClay

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Re: U.S. Rig Count Continues its Climb
« Reply #2 on: July 12, 2016, 02:35:30 pm »
Evidently, there are a few places where you can make money at 45 per barrel.
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Offline Free Vulcan

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Re: U.S. Rig Count Continues its Climb
« Reply #3 on: July 12, 2016, 02:38:05 pm »
I'd be more than willing to pay between $2-2.50 per gallon if it will get some of these guys going again and get some people working.
« Last Edit: July 12, 2016, 05:14:33 pm by Free Vulcan »
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Offline IsailedawayfromFR

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Re: U.S. Rig Count Continues its Climb
« Reply #4 on: July 12, 2016, 04:53:28 pm »
Quote from: MajorClay on July 12, 2016, 02:35:30 pm
Evidently, there are a few places where you can make money at 45 per barrel.

Could be a lot more places, but some companies may instead  just be unwilling to extract reserves at lower prices even if profitable.  Company that drilled well I have royalties on simply shut in the well rather than making low profits.

Oil prices will rise eventually.
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