Baker Hughes Weekly US Land Rig Count - Nov 20 2020

This week, the Baker Hughes US Land Weekly Rig Counmt decreased by 1 rig to setlle 296 active rigs. The Permian added 2 rigs and the ArkLaTex added 2 rigs, while the Eagle Ford, MidCon, Powder and Bakken each lost 1 rig.

Rig count appears to be stablizing with no signs of decreasing signficantly. There are plenty of signs and discussion that completions are slowing. This is probably temporay until budgets resent in January. There should be concern that a prolonged second wave of COVID cases could have an impact on demand. So far that hasn't happen yet.

Figure 1: Baker Highes US Land Weekly Rig Count - Nov 20 2020
(Source: Baker Hughes)

Table 1: Baker Highes US Land Weekly Rig Count - Nov 20 2020
(Source: Baker Hughes)