Oil Rigs: “A brutal week for rig counts” – Info Risk Manage
by Bill McBride on 7/20/2018 03:28:00 PM
A few comments from Steven Kopits of Princeton Energy Advisors LLC on July 20, 2018:
• A brutal week for rig counts
• Total oil rigs fell, -5 to 858
• Horizontal oil rig counts came in -7 to 762
• A year ago, operators were adding rigs at $50 WTI; now they are withdrawing rigs at $70 WTI.
• All this begs the underlying economics of shale production after 500 horizontal oil rigs have been added in this cycle.
Click on graph for larger image.
CR note: This graph shows the US horizontal rig count by basin.
Graph and comments Courtesy of Steven Kopits of Princeton Energy Advisors LLC.
Article Prepared by Ollala Corp