The total number of active drilling rigs for oil and gas in the United States rose this week to 591, up 52 from the same time last year, according to new data Baker Hughes published on Friday. Within that total, the number of active oil rigs rose by 1 to 450, which is 34 above year-ago levels, while gas rigs rose by 2 to 132, 14 more than this time last year, and miscellaneous rigs stayed the same at 9. The latest EIA data showed weekly U.S. crude oil production averaged 13.947 million bpd during the week ending September 4, up from 13.862 million bpd the prior week and up 452,000 bpd from a year ago. Primary Vision's Frac Spread Count, an estimate of the number of crews completing wells, fell for the fourth week in a row to 178 crews in the week ending September 4, the lowest point since May. In the Permian Basin, the rig count stayed the same at 268, 14 rigs above year-ago levels, while the Eagle Ford count rose by 1 to 51, 9 more than this same time last year. Oil prices were down on Friday prior to the data release, with Brent trading at $105.07, down 2.38% and $10 more than this time last week, and WTI trading down on the day at $99.60, off 2.81%.
Baker Hughes CoBaker Hughes is the source of the rig-count data; the report itself is neutral for the company, with no company-specific driver.
Primary Vision's frac spread count is cited as falling to 178 crews, but no clear directional driver for the firm itself.
