Baker Hughes US Land Weekly Rig Report - April 30 2021

For the third week in a row, the Baker Hughes US Land Rig Count was flat at 426 active rigs. There were some changes in the regional rig count with the Permian losing 2 rigs and the ArkLaTex region losing 1 rig. The Eagle Ford gained 1 rig and the Texas Gulf Coast gained 2 rigs.

The Permian rig count peaked 3 weeks ago at 227 rigs and has fallen 3 rigs to 224 rigs this week. The Permian has been the driving force in the rig recovery, driven mostly by the independents. The majors are stockpiling cash to pay off debt and return money to investors. This may be a plateau in the rig count if the independents have reached their maximum rig count and the majors wait to improve their balance sheets before increasing rigs.

Figure 1: Baker Hughes US Land Weekly Rig Count - April 30 2021
(Source: Baker Hughes)

Table 1: Baker Hughes US Land Weekly Rig Count by Region - April 303 2021
(Source: Baker Hughes)