The active U.S. rig count fell by one in the last week and is up count is up by 4% over the last month and 68% in the last year. The largest week-over-week increase occurred in the Denver-Julesburg (D-J) Basin, which gained four rigs, followed by the Anadarko Basin with a two-rig increase for a total of 59. Other basins were flat or changed by only one rig.
In the D-J Basin, Civitas Resources increased its rig count from two to four in the past week. Civitas, which formed after the 2021 merger of two Colorado oil and gas companies (Bonanza Creek Energy and Extraction Oil & Gas), also acquired Denver-based Crestone Peak Resources.
The slight rig count increase comes despite oil price declines in six of the past seven weeks. As of Dec. 10, however, WTI was trading around $71/bbl, putting the U.S. crude futures contract on track for its first increase in seven weeks.