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U.S. Rig Count Climbs As Shale Prepares For Takeoff

The number of active drilling rigs in the United States rose by 3 this week, bringing the total rig count to 604, as oil prices linger just under 7-year highs.

Last week's count compared with an increased rig count to 601 (+13) during the previous week.

Baker Hughes reported the total active rig figure was 226 rigs higher than the rig count this time in 2021.

Oil-directed rigs were fell 1 to 491, while gas-directed rigs were up by 4 to 113.

Oil production in the U.S. last week stayed at 11.7 million bpd, according to the Energy Information Administration. This is up from 11 million bpd at the beginning of 2021.

The rig count in the Permian Basin fell by 1 this week, as the EIA called for record production from the Permian basin next month, at more than 5 million barrels per day. The number of rigs in the nation's second most prolific basin, the Eagle Ford, saw no change. The Permian's total rig count is now 292, with 50 total in the Eagle Ford.

Primary Vision's Frac Spread Count, which tracks the number of completion crews finishing off previously drilled wells, shows that completion crews rose by 10 to 254 for week ending January 14, after five weeks of losses at the end of 2021. The frac spread is now up roughly 100 from a year ago.

At 12:30 p.m. EDT, oil prices were trending down on the day. WTI was trading at $84.81—down 0.86% on the day, but still up roughly $2 on the week. The Brent benchmark traded at $87.55, down 0.94% on the day, but up roughly $2 on the week.

By Julianne Geiger for Oilprice.com

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Julianne Geiger

Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group. More