U.S. rig count increases 3 this week to 754; Texas up 8

Andrew Cummings
February 25, 2017

Once again, US oil and natural gas producers have added rigs in shale basins throughout the country this week, as Baker Hughes (BHI) reported Friday the count grew by three to 754 rigs.

During the same week a year ago, there were 400 active oil rigs.

Texas was the main focus of activity during the week with an increase to 386 from 378 previously and compared with a figure of 231 previous year.

The number of gas rigs declined by 2 this week, and now stand at 151, ending a fourteen-week streak of no losses. With one miscellaneous rig remaining in use, the total rig count rose by three to 754.

The U.S. rig count is up 252 rigs from this time last year when prices were just coming off 10-year lows, with oil rigs up 202 and gas rigs up 49. Prices rallied on Tuesday after OPEC said it was sticking to the deal and was determined to achieve a higher level of compliance than agreed.

After the rig-count release, West Texas Intermediate crude futures for April delivery were down by 0.8% to $54.02 per barrel, but on track for a weekly gain.

Oil and gas rigs increased in the Permian, Eagle Ford, Cana Woodford, and Haynesville basins, and decreased in the Granite Wash and Williston basins. Current count in the USA is at 754.

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