The Baker Hughes US Land Rig Count was flat this week compared to last weeek, with 240 active rigs in the US. The Permian Basin lost 2 rigs, the Eagle Ford lost 1 rig and the ArkLaTex region added 3 rigs. All of the other regions remained flat.
I've been hearing alot of discussions about how US production will remain flat next year and grow in 2022. In order for that to happen, there has a be a signficant rebound in rig count and active frac fleets. If we want US Production to remain above 11 million BOPD, then rig count is going to have to grow back to 800 rigs and we will need more than 200 active frac fleets. I'm not sure how we get there at today's prices, but that's where we need to go.
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| Figure 1: Baker Hughes US Land Weekly Rig Count - August 28 2020 (Source: Baker Hughes) |
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| Table 1: Baker Hughes US Land Weekly Rig Count - August 28 2020 (Source: Baker Hughes) |
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| Table 2: Baker Hughes US Land Weekly Rig Count - August 28 2020 (Source: Baker Hughes) |
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