The rig count recovery continues this week, with the Baker Hughes Rig Count showing an increase of 9 rigs to 282 active rigs in US Land. The Permian Basin added 9 rigs, the Eagle Ford added 1 rig and the MidCon lost one rig.
With all of the mergers happening in recent weeks, it remains to be seen if this result in an increase or decrease in acitivty. Most operators have stated that they will attempt to maintain flat production in 2021. This should result in an increase in rigs through 2021 but the finalk total will be difficult to determine. The impact of COVID through the fall and winter is a huge unknown right now.
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| Figure 1: Baker Hughes Weekly Rig Count - Oct 30 2020 (Source: Baker Hughes) |
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| Table 1: Baker Hughes Weekly Rig Count - Oct 30 2020 (Source: Baker Hughes) |
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