U.S. rig count rises–largest gains in Gulf Coast, Permian Basin

The U.S rig count is up 14% over the last month but down 57% year-over-year, according to Enverus. The firm reported that the largest week-over-week gains by major basin were in the Gulf Coast (five new) and Permian (10 new).

According to the Enverus’ upcoming day-rate report, some contractors that participated in the October survey said they expect drilling to improve slightly in 2021, as bid requests for next year’s drilling programs have increased. However, average day rates have yet to find a bottom since the oil price crash in March, with the average falling another 1% in October to $15,269.

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