Land-based rigs are up by five
The U.S. onshore, or land-based, rig count increased by four rigs—from 1,865 to 1,869—during the week ending September 19. Land-based rigs include 13 inland water rigs.
This is the highest onshore rig count in the past two years. It’s the highest rig count since August 17, 2012. This marks the eighth increase in the past ten weeks.
Year-to-date (or YTD), the onshore U.S. rig counts are up 179—or ~11%. Offshore rigs have increased by one—or ~2%.
In 2014, onshore rig counts increased mostly in Texas, at +68, and Oklahoma, at +46.
Texas also has the highest number of land rigs in the U.S. Texas has 898 land rigs—or 48% of the total onshore rig counts. It’s followed by Oklahoma with 215 land rigs—or 12%. North Dakota has 189 land rigs—or 10%.
In 2Q14, U.S. onshore rig counts increased 4% to 1,796—compared to 1,724 rigs in 1Q14. They were up 5% from the 1,709 rigs recorded in 2Q13. In 2Q14, well counts increased the most in the Permian Basin at 11%, the Marcellus at 16%, and the Granite Basin at 23%—compared to 1Q14. Click here to learn more about the Marcellus.
Onshore rig counts can gauge land-based upstream energy companies’ activity levels. These companies include Chesapeake Energy (CHK), Antero Resources (AR), Cabot Oil & Gas (COG), and Laredo Petroleum Corporation (LPI). Most of these companies are components of the Energy Select Sector SPDR (XLE).
Check out our articles on U.S. oil and gas production in the key shale plays here.