24 Feb 2014
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Oil Rig Count Reaches New 2014 High in US
posted by Unknown @ 09:20 0 Comments
Biggest gains come from the
Baker Hughes is reporting that even as rig count continues
to increase, it estimates growth in 2014 to be about the same as 2013. The total number of rigs is often a good
indicator of the market to come.
Rig count flat lines after mid-recession boom
When the Great Recession hit, the oil industry was not
spared the impact. US oil rig count
dropped dramatically from 400 to 175 in early 2009. After bottoming out in the middle of 2009,
with oil prices falling to $40 per barrel, the oil industry was getting ready
for a boom.
As oil prices jumped to $70 per barrel in the 3rd
quarter of 2009, raising capital funds became easier and new drilling
began. Couple this with the advent of
new technologies, like shale oil and gas, and oil rig counts were off to the
races.
Since the boom rig counts have leveled out
Oil rig counts leveled off in 2012 after years of
gains. After oil prices began steadying
at $100 per barrel though, large E&P companies like ExxonMobil, Pioneer
Natural Resources, Oasis Petroleum
have stepped up operations in the Permian
Basin
Capital expenditure disclosures by the larger E&P
companies show that 2014 will be another active year here in the US . Oil rig counts will remain stable and perhaps
even increase for the year.
Also from Brown
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by Philip Loyd, Brown Editor
by Philip Loyd, Brown Editor
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