Baker Hughes US Land Weekly Rig Report - May 21 2021

This week, the Baker Hughes Rig count was up 3 rigs to finish to 440 active rigs for the week. The MidCon added 4 rigs while the ArkLaTex region lost 1 rig.

While the rig count increased again this week, the rig count in most areas remained flat. The Permian rig count has been flat for the last 7 weeks, only increasing by 7 rigs since April 1st. Based on the information from the earnings reports and the field, the majors are locked in to return profits to customers and paying off debt. The independent producers have increased rig count quickly but may have reached their capacity for new activity. I expect the rig count should reach a plateau over the summer and then increasing again toward the end of the year.

Figure 1: Baker Hughes US Land Weekly Rig Count - May 21 2021
(Source: Baker Hiughes)

Table 1: Baker Hughes US Land Weekly Rig Count by State - May 21 2021
(Source: Baker Hughes)