Rebound in Rig Count limited to Key Basins

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

This post contains, and has materials that contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1993, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.

The words ‘expected’, ‘will’ and similar expressions are intended to identify forward-looking statements.

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