After 1 week of stabilized rig count, the US Land rig count returned to a decline, losing 4 rigs week on week. The Baker Hughes Rig Count for US Land showed 235 active rigs. The Permian lost 2 rigs, the Eagle Ford lost 1 rig and Mississippi drop it's only rig.
We should expect the rig count to bump along the bottom for the next several weeks. As quarterly results continue to be released, we should have a much better idea about activity for the remainder of 2020. The one metric I will be watching closely is the amount of CapEx spent in the first half of 2020 and the amount remaining for the second half of 2020.
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| Figure 1: Baker Hughes US Land Weekly Rig Count - August 7 2020 (Source: Baker Hughes) |
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| Table 1: Baker Hughes Weekly Rig Count - August 7 2020 (Source: Baker Hughes) |
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| Table 2: Baker Hughes US Land Weekly Rig Count - August 7 2020 (Source: Baker Hughes) |
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