According to oil services company, Baker Hughes, recent North America rotary rig count, Haynesville has been busy. Three rigs were added this week for a total of 29 up from 26 just last week. Despite the recent increase, the count is down from 43 rigs last year, weighing in at a -14 percent decrease.
Other rig numbers are on the rise as seen in the weekly rig count posted on the Department of Natural Resources in the State of Louisiana. Both N Louisiana land rigs and S Louisiana inland water rigs are up 2 this week from 23 to 25 and from 2 to 4 respectively. S Louisiana inland water saw a 100 percent change since last week. S Louisiana inland land rigs are up 17 from 13, a 30.77 percent change from the previous week. The count for total all areas in Louisiana is also up 76 this week, down from 69 last week marking a 10.14 percent change.
With all this talk of rig numbers, what really influences the count? According to Baker-Hughes, “Rig count trends are governed by oil company exploration and development spending, which in turn is influenced by the current and expected price of oil and natural gas. Rig counts therefore reflect the strength and stability of energy prices.” Other factors that influence the rig counts are technology, weather and seasonal spending patterns.