This week, the Baker Hughes US land Rig Count increased 4 rigs to reach 379 active rigs in US Land. The Permian added 5 rigs and the Bakken and the Eagle Ford each added 1 rig. The MidContinent region lost 2 rigs and the ArkLaTex lost one rig.
We should expect rig count to climb in the short term as oil prices continue to climb. Recent oil price forecasts have been revised upward as demand continues to increase and the supply glut continues to shrink. Through 2021, US operators will complete outstanding DUCs and increase rig count in order to maintain production levels.
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| Figure 1: Baker Hughes US Land Rig Count - Feb 12 2021 (Source: Baker Hughes) |
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| Table 1: Baker Hughes US Land Rig Count by State - Feb 12 2021 (Source: Baker Hughes) |
