Hart Energy Unconventional Activity Tracker (Week of May 4, 2020)

The oil-rig count in the U.S. has now declined for seven weeks in a row, implying upcoming declines in domestic crude output.

Hart Energy’s Unconventional Activity Tracker (Week of May 4, 2020)

For seven weeks in a row, the rig count is down, which implies upcoming declines in domestic crude output. The total active U.S. rig count fell by 57 to 408, according to Baker Hughes Co. data. As of April 29, the total U.S. rig count is down 33 from last week to 415.

According to the Energy Information Administration (EIA), the number of active natural gas rigs in the U.S. fell to 85 on April 21, the lowest number of active natural gas rigs since August 2016. As of that date, there were 38 fewer (31%) active natural gas rigs than at the beginning of 2020 and 101 fewer (54%) than last year at the same time.

Natural gas-directed rigs remained concentrated in the Marcellus Basin in Ohio, Pennsylvania, and West Virginia and in the Haynesville Basin in Louisiana and Texas. These two basins accounted for 50% of the decrease in natural gas-directed rigs over the past year, and 78% of remaining natural gas-directed rigs in the U.S. operate in these basins.

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Larry Prado

Larry Prado writes activity highlights for Hart Energy's upstream franchises and covers E&P news. He holds an AA in electronics engineering technology and a BA in technical communications.