Baker Hughes US Land Weekly Rig Report - Sept 18 2020

This week, the Baker Hughes US Land Weekly Rig Report showed that there were 240 active rigs in US Land, up 2 rigs from last week. The ArkLaTex, Northeast and Bakken each added 1 rig while the Permian lost 1 rig.

Rig Count continues to slide in the Permian as the larger operators continue to release rigs. I think that we are getting very close to a bottom in Permian activity. As oil prices dip below $40 dollars again, that will continue to add more uncertainty for the end of this year and 2021. 

Figure 1: Baker Hughes US Land Weekly Rig Report - Sept 18 2020
(Source: Baker Hughes)

Table 1: Baker Hughes US Land Weekly Rig Report - Sept 18 2020
(Source: Baker Hughes)