Baker Hughes Weekly US Land Rig Count - July 24 2020

This week, the Baker Hughes US Land Rig Count showed that the rig count decreased by 2 rigs to fall to 239 active rigs. On a positive note, the Permian Basin added 2 rigs, ending 18 straight weeks of decreasing rig activity. The Northeast lost 2 rigs and the ArkLaTex region lost 1 rig. The state of Texas was net negative for the week with 1 rig addition in West Texas but a loss of 1 rig in South Texas and East Texas.

There is still room for fluctuations in the rig count but this is likely the bottom of the cycle. Other rig count sources have shown an increase in rig count this week but those are paid for services and I cannot show them. There will always be differences in rig counts between service providers. I will continue to use the Baker Hughes rig count due to availability and deep history of data.

Figure 1: Baker Hughes US Land Weekly Rig Count - July 24 2020
(Source: Baker Hughes)

Table 1: Baker Hughes US Land Weekly Rig Count - July 24 2020
(Source: Baker Hughes)

Table 2: Baker Hughes Weekly US Land Rig Count - July 24 2020
(Source: Baker Hughes)