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Tag Archives: rig count

Oversupply causing oil and natural gas drillers to scale back

drilling

Oil and natural gas drillers are hitting the brakes on U.S. shale production as prices tumble, but the U.S. remains poised to slash its reliance on energy imports by 2040, according to a government report. In the short term, the domestic drilling industry is facing significant headwinds as plummeting oil prices and oversupply have prompted companies to scale back spending, ...

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How efficiently has American drilling matured?

pump jack

How can we measure well efficiency from year to year? Well just recently, the American Petroleum Institute (API) initiated a survey that aimed to find out how efficient wells have become over the course of America’s energy revolution. According to the API’s 2013 Joint Association Survey on Drilling Costs, an estimated $147.7 billion was invested in drilling roughly 45,000 U.S. ...

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U.S. oil production is probably peaking right now: Kemp

(John Kemp is a Reuters market analyst. The views expressed are his own) LONDON – U.S. crude production will peak this month, according to revised forecasts published by the country’s Energy Information Administration (EIA). Output will average 9.37 million barrels per day (bpd) in April and the same in May before falling to 9.33 million bpd in June and 9.04 ...

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U.S. oil rig count cull eases, approaches low point

NEW YORK – Two weeks of thin declines in the U.S. rig count have raised expectations that drilling activity is nearing a pivotal level that could dent production, bolster prices and coax idle rigs back to the field after a precipitous cull since October. Energy producers responded quickly to a steep drop in oil prices over the last six months, ...

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US oil and natural gas rig count drops by 20 to 1,028

HOUSTON — Oilfield services company Baker Hughes Inc. says the number of rigs exploring for oil and natural gas in the U.S. declined by 20 this week to 1,028 amid slumping oil prices. Houston-based Baker Hughes said Thursday 802 rigs were seeking oil and 222 exploring for natural gas. Four were listed as miscellaneous. A year ago, 1,818 rigs were ...

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More good news for Colorado employment

Unlike that of its neighbors to the north, Colorado’s job and employment outlook offers a cause for optimism. The Denver Business Journal reports that the state added 12,200 jobs just in February–nearly double Colorado’s monthly average addition of non-farm jobs–and has maintained an unemployment rate of 4.2 percent for three months. Brian Lewandowski, associate director of the Business Research Division ...

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Rig drop slightest in months

Permian Basin producers last week idled far fewer rigs than in weeks past, even as low oil prices continue to curb industry activity, according to the Friday rig count from Baker Hughes. The Permian Basin shed two rigs drilling for oil and gas, leaving 290 running and renewing hope that a bottom is near. The rig count Friday is almost ...

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As natural gas pipes drop, budgets, jobs are scaled back

When “Dallas” was a top-rated television show back in the ’80s, oilmen were portrayed as wildcatters, the last of a breed of take-no-prisoners businessmen who took risk after risk. Wildcatters, even fictional ones like J.R. Ewing, and real ones like T. Boone Pickens, drilled where their gut told them. Sometimes they won, sometimes they didn’t. The wildcatters were true boom ...

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Top 5 Bakken stories of the week

Here are the top five stories from Bakken.com for the week of March 21 through March 27. Enjoy! 5. You can go home: Returnees to ND oil boom town here to stay WATFORD CITY, N.D. — Before oil tanker trucks rumbled down the roads at all hours, this town was so quiet that Erin White rode her horse to a deserted ...

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