Baker Hughes Weekly US Land Rig Count - July 31 2020

For the first week since March 20, the weekly US Land rig count did not decline week over week. The Baker Hughes Weekly Rig Count showed that the US Land Rig Count stayed at 239 rigs. The Permian was down 2 rigs but the Midcon and Bakken each added a rig. 

While this is a positive sign that the industry has reached a low point in activity, we will probably be bouncing along this trough for a while. There is a lot of uncertainty about the impact of a second wave of COVID-19 and the weakness in future prices due to OPEC+ supply increases. The market will remain volatile for the remainder of 2020

Figure 1: Baker Hughes Weekly US Land Rig Count - July 31 2020
(Source: Baker Hughes)

Table 1: Baker Hughes Weekly US Land Rig Count - July 31 2020
(Source: Baker Hughes)

Table 2: Baker Hughes Weekly US Land Rig Count - July 31 2020
(Source: Baker Hughes)