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Tag Archives: rig count

Black gold keeps black days away

The recent steady drop in crude oil prices might be the first sign of the end of New Mexico’s seven-year oil boom, meaning New Mexico’s economy could soon face challenges. One of the most prolific oil and gas regions in the United States, the Permian Basin is also one of the largest. It stretches about 250 miles wide and 300 ...

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U.S. crude oil steadies from six-and-a-half-year low

LONDON – U.S. crude oil steadied on Friday after falling to its lowest in almost 6-1/2 years as huge stockpiles and refinery shutdowns heightened concerns about global oversupply. Oil had already tumbled more than 3 percent on Thursday, driven by a report that stocks at Cushing, Oklahoma, the delivery point for U.S. crude futures, rose more than 1.3 million barrels ...

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What is going on in the Marcellus?

shale

While Pennsylvania Governor Tom Wolf is trying with all hit might to hang on to his proposed budget plan and the state’s economic future in natural gas, it is hard to ignore rumors about natural gas selling for only 60 cents per thousand cubic feet (MCF). According to Penn State Marcellus Center for Outreach and Researcher Director Tom Murphy, there ...

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The art of deconstructing rig counts

Have you ever wondered what a rig count really means? Since they’re used in a multitude of ways, it’s important to know what the numbers can really say. The major player in rig counting is the oil services company, Baker Hughes, which has been tallying rigs since 1944 and counting. The rig count as reported by Baker Hughes is “a ...

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Caught in the cross-fire – non-OPEC, non-shale producers: Kemp

(John Kemp is a Reuters market analyst. The views expressed are his own) LONDON – The biggest losers from the current price war between OPEC and the shale producers seem set to be producers outside the Middle East and North America caught in the cross-fire. Expensive production from the North Sea, Canada’s oil sands, offshore megaprojects, weaker African and Latin ...

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US oil and natural gas rig count down 2 to 874

HOUSTON (AP) — Oilfield services company Baker Hughes Inc. says the number of rigs exploring for oil and natural gas in the U.S. declined by two this week to 874. Houston-based Baker Hughes said Friday 664 rigs were seeking oil and 209 explored for natural gas. One was listed as miscellaneous. A year ago, 1,889 rigs were active. Among major ...

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