US Rig Count Holds at 603 as Oil Rigs Slip by Three
The US land and offshore rig count held at 603 this week, with a three-rig drop in oil rigs offset by gains in gas and miscellaneous rigs. The figures, from the Baker Hughes Rig Count, were reported by Oklahoma Energy Today.
Oil rigs fell by three to 459, while gas rigs rose by one to 133. The miscellaneous count grew by two to 11. Oklahoma lost one rig and now stands at 50. That is still eight more than the 42 reported a year ago.
Compared with a year ago, the national count is up 55 rigs from 548. Oil rigs are 41 higher and gas rigs are 12 higher. The offshore count is 13, one more than last year.
What It Means for Subcontractors
- Flat total, soft oil side: The 603 total masks a three-rig decline in oil rigs to 459. Oil-weighted service lines such as wellsite construction, trucking and flowback work saw slightly less rig-driven demand this week. Gas rigs edged up to 133.
- Year-over-year demand is still higher: With 55 more rigs than last October, including 41 more oil rigs, activity is above last year’s level. Oklahoma crews can point to 50 rigs versus 42 a year ago, even after this week’s one-rig dip.
- Next data point: The next weekly Baker Hughes release will show whether oil rigs slip again from 459 or recover. One week of decline is not a trend (our inference), so hold off on cutting crew or equipment plans until a second reading confirms direction.
