Hart Energy's Unconventional Activity Tracker (Week of March 2, 2020)

Unconventional rig count is up 16 units this year, or 2.5%, though activity still remains flat when compared to the 4Q19 average. Last week’s tally fell three rigs to 649 on the basis of modest declines in the Eagle Ford and Permian. Some rebalancing is underway this year with modest recoveries in the Midcontinent after last year’s precipitous two thirds decline in activity. With oil prices now below $50 it appears the 1Q20 average may come in flat with compared to activity levels in the final quarter of 2019. 

Unconventional rig counts

Hart Energy's exclusive rig counts measure drilling intensity. Our counts exclude units classified as rigging up or rigging down, and also exclude rigs drilling injection wells, disposal wells or geothermal wells. The result is our most accurate assessment of rigs on location working on oil or gas programs as of the sample date. While our process results in a rig tally that is lower than the published numbers from the non-proprietary rig-tracking agencies, Hart Energy believes our product presents the most accurate picture of what is actually occurring in the field.

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