The total number of active oil and gas drilling rigs across the United States remained unchanged at 588 during the latest reporting week, according to data released Friday by Baker Hughes. Year-over-year, the rig count has increased by 52 compared to the same period twelve months prior.
Within the overall count, the number of active oil rigs decreased by 5 to reach 447, while natural gas rigs increased by 5 to 132. Miscellaneous rigs held steady at 9. On a year-ago basis, oil rigs were up 35 and gas rigs were up 13. Meanwhile, data on hydraulic fracturing crews from Primary Vision showed a decline of 9 frac spreads during the week ending August 21, bringing the count to 184 crews.
U.S. crude oil production metrics showed an uptick during the most recent reporting period. According to Energy Information Administration data, weekly crude oil production averaged 13.843 million barrels per day for the week ending August 21, representing a marginal increase from the prior week’s 13.830 million bpd and a gain of 461,000 bpd relative to the equivalent period last year.
Regionally, major shale basins displayed stability. The Permian Basin maintained its rig count at 267, representing a 12-rig increase compared to year-ago levels. The Eagle Ford formation similarly remained unchanged at 50 active rigs, up 11 from the same time last year.
Energy prices moved lower on the trading day. Brent crude declined to $89.36 per barrel, down roughly $5 from the previous week and posting a 0.39 percent decrease on the day. West Texas Intermediate crude also traded lower at $83.21 per barrel, down 0.38 percent.
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