Rig Count Increases 13% Over the Last Month

The U.S. rig count rose in the last week. Enverus reported that the count is up 13% in the last month but down 63% year-over-year. The most significant weekly rig increases by major basin were in the Permian (up four to 129), Gulf Coast (up four to 31) and Appalachia (up three to 35).

Pioneer Natural Resources Co. added an eighth rig in the Permian during the second week of October. Mewbourne Oil Co. and Endeavor Energy Resources both averaged two rigs during the third quarter and now have added and additional two rigs each during the current quarter. Private operators Burnett Oil Co. Inc. and Spur Energy Partners LLC had zero operating rigs in the second and third quarters, but both companies have since added one rig each.

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