U.S. DRILLING RIGS DOWN
The US drilling rig count plunged 87 units, a decline that was again spurred mostly by oil rigs, to settle at 1,456 rigs working during the week ended Feb. 6, Baker Hughes Inc. reported.
That total is the lowest since Mar. 26, 2010, and 315 units fewer compared with this week a year ago. The count has now fallen 10 consecutive weeks, losing 464 units during that time, of which 435 were targeting oil.
The average US rig count for January was 1,683, down 199 from December 2014 and 86 from January 2014.
During the week, land rigs plunged 85 units to 1,397. Rigs drilling in inland waters dropped 3 units to 9. Offshore rigs edged up a unit to 50.
Oil rigs plummeted 83 units to 1,140, while gas rigs dropped 5 units to 314. Rigs considered unclassified edged up a unit to 2.
Horizontal drilling rigs plunged 80 units to 1,088. Since Nov. 21, 284 units have gone offline. Directional drilling rigs fell 5 units to 135.
In Canada, a 13-unit loss reflected a 16-unit loss in oil rigs to 184 and a 3-unit gain in gas rigs to 197. Compared with this week a year ago, Canada has 240 fewer rigs working.
The average Canadian rig count for January, meanwhile, totaled 368, down 7 from the 375 counted in December and 136 from January 2014.
The worldwide rig count for January was 3,309, down 261 from December and 289 from January 2014.
Shedding 23 units to 232, the Asia-Pacific region experienced the largest month-to-month loss internationally, followed by Europe's 20-unit loss to 128, Latin America's 18-unit loss to 351, and Africa's 6-unit loss to 132. The Middle East, meanwhile jumped 12 units to 415.
Major states, basins
A 41-unit decline in Texas to 654—the state's lowest total since June 4, 2010—largely consisted of a 37-unit decline in the Permian to 417. The Eagle Ford fell 10 units to 168.
North Dakota and the Williston each fell 11 units to respective totals of 132 and 137.
New Mexico dropped 9 units to 78. Colorado dropped 8 units to 55. West Virginia and Kansas each dropped 4 units to 19 and 18, respectively. Ohio and Utah each dropped 2 units to respective totals of 39 and 12. Louisiana edged down a unit to 107.
Unchanged from a week ago were Pennsylvania at 54, Wyoming at 42, California at 16, Arkansas at 12, and Alaska at 10.
None of the major oil-and gas-producing states reported a gain. However, the Cana Woodford represented the one major US basin to report a gain, adding 3 units to reach 43.
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Libya’s oil production increased steeply to the current level of 850,000 b/d from a low point in August 2016 of below 300,000 b/d. Production surpassed 1 million b/d in July.
- Revenue of $7.9 billion increased 6% sequentially - Pretax operating income of $1.1 billion increased 11% sequentially - GAAP EPS, including Cameron integration-related charges of $0.03 per share, was $0.39 - EPS, excluding Cameron integration-related charges, was $0.42 - Cash flow from operations was $1.9 billion; free cash flow was $1.1 billion
“The combination of GE Oil & Gas and Baker Hughes closed on July 3, and we are pleased with our progress during our first operating quarter. Despite the continuing challenging environment, we delivered solid orders growth and secured important wins from customers, advanced existing projects and enhanced our technology offerings in the quarter. We also achieved key integration milestones and made significant progress working as a combined company. I am now more convinced than ever that we combined the right companies at the right time,” said Lorenzo Simonelli, BHGE chairman and chief executive officer.
U.S. Rig Count is up 360 rigs from last year's count of 553, with oil rigs up 293, gas rigs up 69, and miscellaneous rigs down 2 to 2. Canada Rig Count is up 59 rigs from last year's count of 143, with oil rigs up 38 and gas rigs up 21.