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Julianne Geiger

Julianne Geiger

Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.

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U.S. Oil And Gas Rig Counts Decline For Second Consecutive Month

  • The total rig count in the United States has dropped to 674 this week, which is 76 rigs fewer than this time last year and 401 fewer than the count at the beginning of 2019, before the pandemic.
  • The number of oil rigs decreased by one this week to 545, and the number of gas rigs dropped by six to 124, marking the fewest number of active gas rigs since February 2022.
  • Despite the overall decrease, the frac spread count, an estimate of crews completing unfinished wells, has increased for the third consecutive week, while crude oil production levels remained steady at 12.2 million bpd.
Oil And Gas Rig Count

The total number of total active drilling rigs in the United States fell by 8 this week, according to new data from Baker Hughes published Friday, falling by 74 rigs over the last two months.

The total rig count fell to 674 this week—76 rigs below this time last year. The current count is 401 fewer rigs than the rig count at the beginning of 2019, prior to the pandemic.

The number of oil rigs declined by 1 this week to 545, while the number of gas rigs fell by 6, to 124. It is the fewest number of active gas rigs since February 2022. Miscellaneous rigs fell by 1 to 5.

The rig count in the Permian Basin saw no changes this week, and stand at 8 rigs below this same time last year. The rig count in the Eagle Ford rose by 1, and was down 7 rigs from this time last year.

Primary Vision’s Frac Spread Count, an estimate of the number of crews completing unfinished wells (which is cheaper than drilling new wells), rose for a third week in a row--by 9 in the week ending June 23, to 277. The frac spread count is 12 behind where it was this time last year.

Crude oil production levels in the United States stayed at 12.2 million bpd in the week ending June 23, according to the latest weekly EIA estimates, on par with January levels. U.S. production levels are now up just 100,000 bpd versus a year ago.

At 12:26 p.m. ET on Friday, the WTI benchmark was trading up $0.96 (+1.37%) on the day at $70.82—up about $2 per barrel from this time last week. The Brent benchmark was trading up $0.62 (+0.83%) at $74.96 per barrel on the day—up $1.50 from a week ago.

By Julianne Geiger

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