US Oil Rig Count Points To A Sharp Decline In Production
Baker Hughes has twenty eight and one half years of historical data for total US rigs but only five years for individual basins. Gas rigs peaked in August 2008 at 1,606 rigs, over six years before the peak in Oil rigs. On February, 26, gas total US gas rig count stood at 102, a decline of over over 93%.
A closer look at the total US total rig count.
October 10, 2014 1,609 rigs
February 26, 2016 400 rigs
Percent decline 75%
In figuring the percent decline for each basin I have use October 10 as peak, the week US rigs peaked even though all basins did not peak on that week.
Bakken
October 10, 2014 198 rigs
February 26, 2016 36 rigs
Percent decline 82%
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