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US Active Well Service Rig Count is at a current level of 1035.00, up from 1000.00 last month and up from 923.00 one year ago. This is a change of 3.50% from last month and 12.13% from one year ago.

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Active drilling rigs in the U.S. fell by 3 to 762, 45% higher than the active rig count at the same time last year but little changed in recent weeks, Baker Hughes reported Friday in its latest weekly survey.

Active drilling rigs in the U.S. added 1 to 764, 47% higher than the active rig count at the same time a year ago but roughly flat during the past month, Baker Hughes reported Friday in its latest weekly survey.

Rig Count is an interactive analysis of Baker Hughes US rotary rig counts. The Baker Hughes Rig Counts are an important business barometer for the drilling industry and its suppliers. The active rig count acts as a leading indicator of demand for products used in drilling, completing, producing and processing hydrocarbons.

In its weekly release, Baker HughesCompany BKR reported that the U.S. rig count was lower than the prior-week tally. The rotary rig count, issued by BKR, is usually published in major newspapers and trade publications.

Baker Hughes’ data, issued at the end of every week since 1944, helps energy service providers gauge the overall business environment of the oil and gas industry. The number of active rigs and its comparison with the prior-week figure indicates the demand trajectory for Baker Hughes’ oilfield services from exploration and production companies.

Total U.S. Rig Count Declines: The count of rigs engaged in the exploration and production of oil and natural gas in the United States was 760 for the week ended Sep 2. The figure is lower thanthe prior week’s count of 765. Thus, the tally decreased in four of the past five weeks. The current national rig count is higher than the year-ago level of 497.

The onshore rigs in the week ended Sep 2 totaled 741 compared with the prior week’s count of 744. In offshore resources, 16 rigs were operating, lower than the prior-week count of 18.

U.S. Oil Rig Count Falls: Oil rig count was 596 for the week ended Sep 2, lower than the prior week’s figure of 605. The current number of oil rigs — far from the peak of 1,609 attained in October 2014 — is up from the year-ago figure of 394.

U.S. Natural Gas Rig Count Rises: Natural gas rig count of 162 was higher than the prior-week figure of 158. The count of rigs exploring the commodity is also higher than the prior-year week’s tally of 102. Per the latest report, the number of natural gas-directed rigs is 89.9% lower than the all-time high of 1,606 recorded in 2008.

Rig Count by Type:The number of vertical drilling rigs totaled 26 units, lower than the prior-week count of 31. Horizontal/directional rig count (encompassing new drilling technology with the ability to drill and extract gas from dense rock formations, also known as shale formations) of 734 is flat with the prior-week level.

Permian — the most prolific basin in the United States — recorded a weekly oil rig tally of 337, lower than the prior week"s count of 344. The tally decreased in four of the past five weeks despite oil price remaining favorable.

The West Texas Intermediate crude price is approaching the $90-per-barrel mark, which is extremely favorable for exploration and production activities. Higher oil prices will likely pave the way for further rig additions despite a slowdown in drilling activities, as upstream players mainly focus on stockholder returns rather than boosting output.

EOG Resources, a leading oil and natural gas exploration and production company currently carrying a Zacks Rank #3 (Hold), is well-placed to capitalize on the promising business scenario. EOG has an estimated 11,500 net undrilled premium locations, resulting in a brightened production outlook. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The trends in the Zacks Oil and Gas - Drilling industry suggest a likely bounce in activity levels during the second half of this year. Investor optimism over an improving demand outlook and the subsequent rally in commodities bode well for drilling contractors like Helmerich & Payne HP, Patterson-UTI Energy PTEN, Transocean RIG and Nabors Industries NBR.

The Zacks Oil and Gas - Drilling industry consists of companies that provide rigs (or specialized vehicles) on a contractual basis to explore and develop oil and gas. These operators offer drilling rigs (both land-based/onshore and offshore), equipment, services and manpower to exploration and production companies worldwide. Drilling for hydrocarbons is a costly and technically difficult, the future of which primarily depends on contracting activity and the total number of available rigs at a given point of time, rather than the price of oil or gas. Within the industry, it"s interesting to note that the volatility associated with offshore drilling companies is much higher than their onshore counterparts and their share prices are more correlated to the price of oil. Overall, the drilling stocks are among the most volatile in the entire equity market.

Increased Number of Rigs: Oil and natural gas prices have rebounded sharply, revisiting their multi-year highs due to rising demand and geopolitical tensions surrounding the Russian invasion of Ukraine. Consequently, drilling activity has been picking up in the United States, a region which most drillers are highly dependent on. As a matter of fact, rig count as of mid-May was 714 compared with 453 a year ago, in sync with the strength in commodity prices. The number of active units in Canada and the international markets has gained sharply too. The steady growth in rig count is an encouraging indicator of drilling activity.

Since oil and gas drilling companies are debt-laden, it makes sense to value them based on the EV/EBITDA (Enterprise Value/ Earnings before Interest Tax Depreciation and Amortization) ratio. This is because the valuation metric takes into account not just equity but also the level of debt. For capital-intensive companies, EV/EBITDA is a better valuation metric because it is not influenced by changing capital structures and ignores the effect of non-cash expenses.

Patterson-UTI Energy: Patterson-UTI Energy is one of the largest North American land drilling contractors, having a large, high-quality fleet of drilling rigs. The company’s technologically advanced Apex rigs are the key to its success. PTEN’s proprietary design makes the rigs move faster than the conventional rigs, and drill quicker and more efficiently. Patterson-UTI’s acquisition of Pioneer Energy Services has boosted its scale and geographic presence. Following the transaction closure, Patterson-UTI possesses 166 super-spec rigs in the United States, with nearly 50% outfitted with alternative power sources to minimize emissions. In addition, this takeover expands Patterson-UTI’s geographic reach to foreign markets with the addition of eight rigs in Colombia, where Pioneer has served for the past 14 years with a well-recognized operations staff and set-up.

Helmerich & Payne: Helmerich & Payne is engaged in the contract drilling of oil and gas wells in the United States & internationally. Its technologically advanced FlexRigs are much in demand. The company has already upgraded most of its drilling fleet with the latest technology. Besides, Helmerich & Payne boasts a strong balance sheet, carrying around $542 million in long-term debt, with a debt-to-capitalization of just 16.5% compared with many of its peers that are hugely burdened with debts, accounting for around 50% of their total capital structure. With available liquidity surpassing debt levels and a lack of significant near-term maturities, Helmerich & Payne should sail through any difficult operating environment.

The fiscal 2022 Zacks Consensus Estimate for this Tulsa, OK-based company indicates 80% earnings per share growth over fiscal 2021. The provider of land and offshore rigs carries a Zacks Rank of 2 and its shares are up 65.1% in a year.

Nabors Industries: Nabors is one of the largest land-drilling contractors in the world, conducting oil, gas and geothermal land-drilling operations. NBR is well positioned with a sound mix of high-performance rigs and new rigs working in key shale plays like Bakken and Permian. Nabors’ initiatives to expand its geographic reach and diversify its operating assets beyond land rigs bode well for its Rig Technologies and Drilling Solutions segments. Tesco Corporation, Robotic Drilling Systems and PetroMar"s buyout have boosted the drilling operations and technology of Nabors, adding to the company"s earnings and shareholder value.

Transocean: Being the largest provider of offshore contract drilling services, Transocean"s unrivaled backlog of $6.1 billion offers cash flow visibility. As it is, the company’s technologically advanced and versatile drilling fleet differentiates it from competitors and provides it with an edge. RIG reported revenue efficiency of an impressive 94.9% in the last reported quarter. This is an indication of minimal loss of revenues due to downtime and Transocean’s superior efficiency in translating its industry-leading backlog into cash. The company has also been taking necessary steps to enhance its fleet with modern and competitive rigs, while scraping off old and incompetent drill ships, which is expected to make its operations more technically effective and efficient.

The 2022 Zacks Consensus Estimate for this Switzerland-based rig supplier indicates 18.9% earnings per share growth over 2021. The #3 Ranked Transocean has gained 4.5% in a year.

The September 23rd Baker Hughes rig count report shows the active rig count is steady. Baker Hughes reports 764 active drilling rigs in the US. One month ago, the total active rig count was 765, and one year ago, it was 521 rigs.

The oil rig count is currently 602 rigs, compared to 605 one month ago, and 421 one year ago. The gas rig count is 160, compared to 158 one month ago and 99 last September.

TCI Business Capital is a leading provider of accounts receivable factoring for oilfield service companies. Factoring is a type of financing many companies use to get immediate cash for their open receivables.

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Even as the oil and natural gas rig count in the U.S. mostly increased over the past two years, weekly increases have been in the single digits for months and oil production remains below record levels seen before the pandemic.

In the third quarter, oil and gas drillers added rigs for an eighth quarter in a row but the addition of 12 rigs was the smallest increase since September 2020.

In the third quarter, drillers added oil and gas rigs for an eighth quarter in a row but the addition of 12 rigs was the smallest increase since September 2020.

U.S. oil rigs rose three to 602 this week, while gas rigs fell two to 160. The total rig count fell in August and was on track to fall again in September after rising for a record 24 months in a row.

The biggest increase in rigs was in the Permian Basin in Texas and New Mexico, the biggest U.S. oil field, which rose by three to 343 this week, the most since August.

Oil services company Baker Hughes reported that the U.S. oil and gas rig count fell for the fifth straight week the week of Sept. 5, following recent forecasts of disappointing oil output gains from EOG Resources and Pioneer Resources executives.

Land drill rig day rates have increased in a number of regions due to an increase in drilling demand combined with higher commodity pricing. In the U.S., in particular, day rates have increase by 25% in 2022, according to Westwood’s latest analysis.

In August, the combined oil and gas count in the U.S. was down two rigs after rising for a record 24 months in a row, according to Baker Hughes in its closely followed report.

With access to Enverus, you can identify new sales leads, plan visits to drilling rigs, determine market share, identify exploration trends, find available rigs, identify new production, monitor competitive activity or define sales territories. Our survey team talks with hundreds of specialists each week to verify our data as well as ensure it is fresh and as detailed as possible for your use.

Dec 10 (Reuters) - U.S. drillers this week added oil and natural gas rigs for the sixth time in seven weeks as demand for energy keeps growing after last year"s coronavirus demand destruction.

The oil and gas rig count, an early indicator of future output, rose seven to 576 in the week to Dec. 10, its highest since April 2020, energy services firm Baker Hughes Co said in its closely followed report on Friday. , ,

Data provider Enverus, which publishes its own rig count data, said that as of Dec. 8 Pioneer was the most active operator in the United States with 26 rigs.

"Heavy reliance on the DUC well count is alarming as it is a finite short-term resource, and not one that is expected to support production long-term," analysts at Gelber and Associates said this week in a note.

Aug 5 (Reuters) - U.S. energy firms this week cut the number of oil rigs by the most since September as production grows incrementally because energy firms are boosting shareholder returns and facing higher operating costs due to inflationary and supply chain pressures.

The number of oil rigs, an early indicator of future output, fell seven to 598 in the week to Aug. 5, the first weekly decline in 10 weeks, energy services firm Baker Hughes Co (BKR.O) said in its closely followed report on Friday. , ,

Gas rigs rose four to 161, their highest since August 2019, while the combined oil and gas fell by three to 764, which puts the total rig count up 273, or 56%, over this time last year, Baker Hughes said.

Even though the total rig count has climbed for a record 24 months through July, weekly increases have mostly been in the single digits and oil production is only forecast to recover to pre-pandemic record levels next year.read more