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Horizontal Land Rig Count Summary 11th March 2016

Horizontal Land Rig Count Summary 11th March 2016

Total U.S. land rig count fell 13 to 450 rigs and horizontal land rig count fell 14 to 375 rigs.

Tight oil plays lost 10 net rigs, 6 in the Permian, 2 in the Eagle Ford, 1 in the Bakken and 2 in the Granite Wash with the Mississippi Lime gaining 1 rig.

Shale gas plays gained 1 net rig adding 2 in the Marcellus and losing 1 in the Utica.

(Click to enlarge) Related: $67 Oil Has All The Majors Converging Here

The total U.S. rig count has plunged to a 41 year low.

 

(Click to enlarge)

Source: Bloomberg Related: Choking And Lifting Preventing The Decline In U.S. Shale?

The loss of 14 horizontal rigs was greater than last week's drop of 8 but less than rig count losses over the last 6 weeks.

 

 

(Click to enlarge)

Source: Bloomberg

U.S. total output continues to decline, but slower than many may have thought.

By Art Berman for Oilprice.com

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