Baker Hughes US Land Weekly Rig Report - June 25 2021

This week the Baker Hughes US Land Rig Report was down 2 rigs to finish at 454 active rigs. The Permian and the MidCon each lost 1 rig while the other basins remained flat. 

In a recent Rystad Energy webinar, they discussed the rig count required to maintain and grow US oil production. Based on their research, the efficiency gains throughout the industry has significantly lowered the horizontal rig count required to maintain the current US Oil production. Their data shows that between 320 and 330 horizontal rigs should be enough to maintain US oil production between 11.0 and 11.5 million BOPD. Their estimate of the current US Land horizontal rig count is 325 rigs, just enough to maintain flat oil production. Additional rig increases in oil regions should result in increased US Oil production.

Figure 1: Baker Hughes US Land Weekly Rig Count - June 25 2021
(Source: Baker Hughes)

Table 1: Baker Hughes Weekly US Land Rig Count by State - June 25 2021
(Source: Baker Hughes)