The U.S. rig count bottomed the week of June 12th at 876 rigs, of which 685 or 78% were gas-directed, 183 or 21% were oil-directed and 8 rigs or 1% were geothermal. Fast forward to the week ending December 11th and we see 1,161 rigs running, 757 or 65% of which are gas-directed, 393 or 34% of which are oil-directed and 11 rigs, or 1% of which are geothermal. Of note is that this increase in activity has been isolated to a few key areas:As seen below, the increase in rigs targeting natural gas has been limited primarily to the Haynesville (La-Miss Salt Basins) and the Marcellus (Appalachian).
Looking at rigs targeting oil, we see that increases have been primarily in the Permian Basin and the Williston Basin. Oil-related activity has increased in response to higher oil prices (black line) as some operators diversify away from gas activity.
from the Baker Hughes Blog
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