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Tag Archives: rig count

Colorado: What happened to our rigs?

Colorado isn’t using half of its oil rigs anymore, The Denver Post reports. According to the article, data analysis firm IHS released a report indicating that half of the state’s rigs have fallen out of use since October. Despite the mounting number of idle rigs in the state, the IHS forecast only a 26 percent drop—comparable to slumps shale plays ...

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Chesapeake cuts budget, again

Once again, Chesapeake Energy Corp. has cut its capital expenses for this year, but this time by $500 million. Only months after announcing major cutbacks in spending and rigs, Chesapeake has dropped its budget from $4.5 billion to $4 billion, and will also be cutting its rig count.  However, Chesapeake is keeping its rig count in the Utica Shale in ...

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Price decline hits New Mexico oil patch

At least 2,000 jobs will likely be lost in New Mexico’s oil and gas industry in the coming months because of sharp declines in the price of crude oil, according to estimates by the New Mexico Energy, Minerals and Natural Resources Department. The number of drilling rigs operating in the state has dropped from 85 last spring to 60, department ...

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US oil and natural gas rig count drops by 56 to 1,069

pump jack

HOUSTON — Oilfield services company Baker Hughes Inc. says the number of rigs exploring for oil and natural gas in the U.S. tumbled by 56 this week to 1,069 amid slumping oil prices. Houston-based Baker Hughes said Friday 825 rigs were seeking oil and 242 exploring for natural gas. Two were listed as miscellaneous. A year ago, 1,803 rigs were ...

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Pickens: Expect $70 per barrel this year

Could an oil and gas bounce-back loom in America’s near future? During his appearance on CNBC’s “Squawk Box,” energy magnate Boone Pickens seems to think so, forecasting prices to rise to $70 per barrel by the end of the year. Pickens noted producers’ efforts to balance the rocky market with rig cuts, but blamed overzealous production habits for slashing oil ...

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