Platts analyst explains these trends in the shale rig count

By Luke Geiver | April 10, 2018

The U.S. rig count was up two percent in March compared to February and 22 percent when compared to March of last year, according to data released by S&P Global Platts Analytics. The U.S. land rig count reached 1,053 in March, a two percent increase over February.

“We’re seeing solid sequential gains in the month-to-month rig count,” said Trey Cowan, senior industry analyst for Platts. “The bulk of the land-rig improvement was from increased drilling in Texas. A further breakout of the growth factors shows that the Permian Basin accounted for half the growth, with the remainder comprised of additional East Texas and South Texas drilling.”

By shale play, the Platt’s data rig count rise is as follows:

DJ Basin (Colorado)

For March, the play had 30 rigs running, two less than the previous month. For the full year, the play has seen a rig count in the 30 to 33 range.

Haynesville (Louisiana)

At 44 rigs, the play is currently running three less rigs than the previous month but for the full year the play is running at a 10 percent higher rig variance.

Delaware Basin (New Mexico)

Although the rig count in the Delaware Basin is at a four percent dip compared to the previous month, the play is running 86 rigs and for the year is 79 percent above the rig count it held last year in March.

Bakken (North Dakota)

At 54 drilling rigs, the Bakken is six percent above last month’s number and for the full year, the rig count is 26 percent above the count the same time last year.

SCOOP/STACK (Oklahoma)

Eleven percent higher than the previous month, Oklahoma’s rig count is at 138 rigs. For the full year, the Sooner state is 11 percent higher in rig count compared to last year.

Permian/Eagle Ford/Barnett (Texas)

At 531 rigs, Texas is by far the leader in U.S. rig count (both land and offshore). Compared to March last year, the rig count in Texas is 22 percent higher this year.

U.S. Land

In total, there are currently 1,053 land rigs running in the U.S, a 24 percent increase from the same period one year ago.