US Oil Drillers Continue to Back Off On Price Slump
The total number of active drilling rigs for oil and gas in the United States fell yet again this week, according to new data that Baker Hughes published on Thursday, following a 7-rig decrease in the week prior.
The total rig count in the US fell by 8 to 539 rigs, according to Baker Hughes, down 46 from this same time last year.
The number of oil rigs fell by 7 to 425 after falling by 6 during the previous week—and down by 54 compared to this time last year. The number of gas rigs fell by 1 this week, to 108 for a gain of 7 active gas rigs from this time last year. The miscellaneous rig count stayed the same at 6.
The latest EIA data showed that weekly U.S. crude oil production dipped slightly in the week ending June 27, from 13.435 million bpd to 13.433 million bpd. The figure is 198,000 bpd down from the all-time high reached during the week of December 6, 2024.
Primary Vision’s Frac Spread Count, an estimate of the number of crews completing wells, fell during the week of June 27, to 179—the lowest level in over four years. The count is now 36 below where it was on March 21.
Drilling activity in the Permian basin fell by 5, to 265—a figure that is 40 fewer than this same time last year. The count in the Eagle Ford was unchanged again at 41 active rigs. Rigs in the Eagle Ford are 8 below where they were this time last year.
At 3:10 p.m., ET, the WTI benchmark was trading down $0.34 per barrel (-0.50%) on the day at $67.11. The Brent benchmark was trading down $0.24 (-0.35%) on the day at $68.87.
By Julianne Geiger for Oilprice.com