Total rig count up for eighth consecutive month

The U.S. rig count rose by eight in the last week, according to Enverus Rig Analytics. The count is up 8% in the last month but still down 38% year-over-year.

The month-over-month increase included 31 added in Texas, which is about 49% of the U.S. total with rigs in the Permian Basin and Eagle Ford Shale leading the way.

In the Permian, eight rigs were added in Midland County alone and four were added in Glasscock County, which includes two rigs operated by Exxon Mobil Corp. According to Enverus, the company hadn’t run a two-rig program in the county since July 2019.

For the first quarter, the total rig count is up for a second quarter in a row for the first time since fourth-quarter 2018.

Activity and spending in U.S. oil fields has increased in 2021 as the industry continues to recover from the pandemic-driven oil price crash. WTI crude futures in the U.S. were on track to decline last week for a third time in a row for the first time since April 2020. However, they're still up about 26% so far this year.

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