US Oil, Gas Drilling Activity Goes Nowhere


The number of total active drilling rigs in the United States stayed the same this week, according to new data from Baker Hughes published on Friday.

The total rig count stayed at 784 this week—215 rigs higher than the rig count this time in 2021, and 291 rigs lower than the rig count at the beginning of 2019, prior to the pandemic.

Oil rigs in the United States held steady this week, at 627, while gas rigs stayed at 155. Miscellaneous rigs stayed the same at 2.

The rig count in the Permian Basin fell by 2 this week to 350. Rigs in the Eagle Ford stayed the same at 71.

Primary Vision’s Frac Spread Count, an estimate of the number of crews completing unfinished wells—a more frugal use of finances than drilling new wells—rose in the week ending November 23. The frac spread count is now 300, up 3 from the previous week . This is 3 more crews than a month ago and 26 higher than this time last year.

Crude oil production in the United States stayed the same for the fourth week in a row in the week to November 25. At 12.1 million bpd, according to the latest weekly EIA estimates, US production levels are up 400,000 bpd so far this year and 500,000 bpd versus a year ago.

At 11:50 a.m. ET, the WTI benchmark was trading up $0.10 on the day (+0.12%) at $81.32 per barrel—up more than $2 per barrel since this time last week.

The Brent benchmark was trading down $0.16 (-0.18%) at $86.72 per barrel on the day, and down about $0.40 per barrel compared to last Friday.

WTI was trading at $80.46 minutes after the data release, down nearly 1% on the day.

By Julianne Geiger for Oilprice.com

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