U.S. oil and gas industry has turned the corner: Kemp

[thackney]

U.S. oil and gas industry has turned the corner: Kemp
http://www.reuters.com/article/us-usa-drilling-kemp-idUSKBN15126R
By John Kemp -  Jan 17, 2017

U.S. petroleum producers are looking forward to better times in 2017 as the industry has passed the low-point in the cycle and embarked on the road to renewed expansion.

Domestic oil and gas production hit a trough in the first half of 2016 and showed signs of rising in the second half as drilling picked up in response to higher prices.

U.S. oil output was essentially flat between July and October 2016, after sliding between April 2015 and June 2016.

Gas output also held steady between July and October, after declining earlier in the year, according to the U.S. Energy Information Administration.

The downward trend in oil and gas output has been arrested by a significant upturn in the number of rigs drilling onshore, especially in West Texas.

The number of rigs drilling oil-rich formations across the United States has risen by more than 200, or 65 percent, from its low at the end of May.



The number of gas rigs is up by 55, or 68 percent, from its low at the end of August, according to oilfield services company Baker Hughes.

More than half of all the new rigs have been added in the Permian Basin of West Texas and Southeast New Mexico, which has emerged as the top shale oil play in the United States....

[IsailedawayfromFR]

 @thackney you do an unbelievable great job in these resources.  It is so helpful to any who wish to keep abreast.

My eye turns towards the small # of rigs overall and those devoted to gas.  Very small.

Methinks that a rational administration soon in office will cause a lot more activity to be generated in what is a very valuable component of increased value to this country.

Increases in natural resources extraction is only a positive.  We will be likely be seeing a different sort of charts once the new Executive in DC is entrenched.