January Rig Count Dips as it Follows the Bouncing Price of a Barrel – S&P Global Platts Analytics

If WTI steadies at current levels, rig counts may rise ahead

PR Newswire

HOUSTONFeb. 7, 2019 /PRNewswire/ — S&P Global Platts Analytics, today announced the total U.S. rig count for January 2019 was 1,113, down 34 (-3%) from December 2018, and up 18 (+2%) from January 2018. This rig count includes U.S. onshore, U.S. inland waters, and U.S. offshore Gulf of Mexico drilling rigs.

  • January U.S. land rig count: 1,084, down 32 (-3%) from the previous month and up 17 (+2%) from January 2018
  • January U.S. inland waters and Gulf of Mexico rig count: 29, down 2 (-6%) from the previous month and up 1 (+4%) vs January 2018

“Heading into the new calendar year, oil prices were in a weakened state and trading below $50 per barrel (/b) of West Texas Intermediate (WTI) crude,” said S&P Global Platts Senior Analyst Trey Cowan. “But in January, prices improved by about $7/b from the beginning to end-month, and it is this price rebound that is more telling than the sloughing off a few rigs over the month. Looking ahead, if WTI crude stays in the mid-$50/b area, we would expect the rig count to follow suit and show improvement in the weeks ahead.”

S&P Global Platts U.S. Rig Counts

           
                 
 

Jan 2019

Dec  2018

Month over Month Change

% Change

 

Jan  2018

Variance Year over Year (YOY)

YOY % Variance

Colorado

33

38

-5

-13%

 

34

-1

-3%

Louisiana

49

43

6

14%

 

57

-8

-14%

New Mexico

94

97

-3

-3%

 

89

5

6%

North Dakota

61

61

0

0%

 

53

8

15%

Oklahoma

133

151

-18

-12%

 

129

4

3%

Texas

540

537

3

1%

 

528

12

2%

Rest of U.S. Land

174

189

-15

-8%

 

177

-3

-2%

U.S. Land Subtotal

1,084

1,116

-32

-3%

 

1,067

17

2%

U.S. Inland Waters

1

3

-2

-67%

 

3

-2

-67%

U.S. Gulf of Mexico

28

28

0

0%

 

25

3

12%

U.S. Inland and Gulf of Mexico

29

31

-2

-6%

 

28

1

4%

Total U.S. Rig Count

1,113

1,147

-34

-3%

 

1,095

18

2%

CONTACT 
Kathleen Tanzy, + 1 917 331 4607, [email protected]

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SOURCE S&P Global Platts