This week the Baker Hughes Rig Count was up 4 rigs to 286 active rigs in US Land. The Permian saw an increase of 5 rigs, the Eagle Ford increased by 3 rigs and the ArkLaTex increased by 1 rig. The Northeast lost 2 rgis and the MidCon dropped 1 rig.
The rig count continues to climb as oil prices have stabilized and operators look to maintian production volumes. There are indications coming from the field that completions are beginning to slow down for the end of the year. I expect that rig count will be maintained as operator build DUCs for completion programs in 2021.
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| Figure 1: Baker Hughes Weekly Rig Report - Nov 6 2020 |
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| Table 1: Baker Hughes Weekly Rig Report - Nov 6 2020 |
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