In a complete reversal of the downward trend since March, the Baker Hughes US Land Weekly Rig Count was up 10 rigs this week. The Permian added 10 rigs this week, reversing their downward trend also. The ArkLaTex added 1 rig while the Bakken and Eagle Ford each lost a rig.
While this is positive news for the industry, we should expect many ups and downs through out the coming months as we work through the downturn. Many forecasts discuss flat US production for 2021. For that to happen, both the rig count and frac fleet count will have ti increase significantly.
Figure 1: Baker Hughes US Land Weekly Rig Count - August 21 2020
(Source: Baker Hughes)
Table 1: Baker Hughes US Land Weekly Rig Count - August 21 2020
(Source: Baker Hughes)
Table 2: Baker Hughes US Land Weekly Rig Count - August 21 2020
(Source: Baker Hughes)
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