Weekly Baker Hughes US Land Rig Count - Sept 25 2020

This week, the Baker Hughes US Land Weekly Rigs Report showed that US Land rigs increased by 6 to 246 active rigs. The Eagle Ford added 4 rigs, the Permian added 2 rigs and the ArkLaTex and Northeast each added 1 rig.

Looking back over the last 12 weeks, it appears that we hit a low of 230 active rigs and rig count has rebounded by 7% since August 14. Permit count can serve as an indicator in future activity and several reports show that permit count remains depressed over the last few months. I expect that rigs may rebound for a few more weeks until we reach Thanksgiving. At that point, operators may decided to lay down rigs and frac fleets until the end of the year. We should hear more as Q3 results start to come out at the beginning of November.

Figure 1: Baker Hughes US Land Weekly Rig Count - Sept 25 2020
(Source: Baker Hughes)

Table 1: Baker Hughes US Land Weekly Rig Count - Sept 25 2020
(Source: Baker Hughes)