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U.S. Oil and Gas Drillers Surge Ahead Despite Arctic Chill


U.S. Oil and Gas Drillers Surge Ahead Despite Arctic Chill

In the icy grip of winter, U.S. oil and gas drillers are proving to be the unsung heroes of resilience. The latest insights from Baker Hughes,, bring forth an unexpected narrative—total active drilling rigs in the United States are on the rise.

Against all odds, the rig count witnessed a surprising uptick this week, defying expectations and exemplifying the unwavering determination of the industry. 

Currently standing at 620, this increase by 1 is a testament to the tenacity of U.S. drillers. However, compared to the same period last year, when the count stood at 771 rigs, there's still ground to cover.

Delving into specifics, oil rigs experienced a modest dip of 2, settling at 497—a decline of 116 compared to the previous year. On a brighter note, gas rigs soared by 3, reaching 120, though still down by 36 from the previous year. The miscellaneous rig count held steady at 3.

Simultaneously, the beating heart of the industry, U.S. crude oil production, reached new heights. Averaging 13.3 million barrels per day in the week ending January 12, it mirrors a previous all-time high set on December 15, marking a remarkable 131 million bpd increase from the same week in 2022.

Yet, as the rigs dance and the oil flows, there's a nuanced tale beneath the surface.

Despite the optimistic news on rig counts, Primary Vision's Frac Spread Count—a pivotal indicator of crews completing unfinished wells—takes a dip for the fifth consecutive week. 

Completion crews slipped by 2, totaling 234 for the week ending January 12. This decline, a continuous trend over the past five weeks, tallies up to a dip of 44. The current frac spread count now rests at its lowest level since December 31, 2021.

In the regional theater, the Permian basin faced a decline of 2 rigs for the second consecutive week. In contrast, the Eagle Ford showed no sway. 

The Williston basin, surprisingly, maintained its rig count despite subzero temperatures wreaking havoc on North Dakota's production. A staggering 650,000 bpd went offline due to equipment failures and other challenges.

As the industry presses forward, the delicate ballet between freezing temperatures and sizzling production continues—a testament to the unyielding spirit of U.S. oil and gas drillers.

To Big Profits and Beyond,

Anthony Speciale

Big Energy Profits

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