The working rig count for the United States and Canada continues to plummet but the drop could be slowing down, Kallanish Energy reports.
That, according to some, is good news.
The rig count is generally seen as a way of predicting future wells drilled and increasing production.
The U.S. rig count dropped by only one: from 266 on June 19 to 265 on June 26, according to the latest count from Baker Hughes.
There are also 11 offshore rigs and that number is unchanged from June 19.
A year ago, there were 967 on-land rigs active in the U.S., the Texas-based well services company reported.
It is the 15th straight week of declining rig counts, it said.
The rig count has been dropping steadily since mid-March in the wake of the coronavirus pandemic and the oil price rout.
That 265 total is an all-time low in data that goes back to 1940, Baker Hughes said.
June 29th was the eighth week in a row that the U.S. rig count has set a new all-time low.
That total includes 188 oil rigs and 75 gas wells.
The 188 total is the lowest since June 2009 and the 75 is the lowest on record going back to 1987.
The oil rig count dropped by one and the gas rig count was unchanged in the week.
A year ago, there were 793 oil rigs and 173 rigs at work.
In Canada, the oil rig count dropped from five to four, a drop of one, and the gas rig count went from 12 to nine, a drop of three.
A year ago, Canada had 84 oil rigs and 40 gas rigs at work.
In the U.S., the Permian Basin West Texas and New Mexico lost one rig in the June 29 count. Also losing a rig was the DJ-Niobrara Basin in Colorado.
Gaining a rig was the Cana Woodford Basin in Oklahoma.
This post appeared first on Kallanish Energy News.
