Opinion

S&P Global Platt: Shallow Vertical Wells Get Lift in October; Overall U.S. Rig Count Remains Flat Versus September

Posted by OilVoice Press - OilVoice

05-Nov-2018


Eyes on Colorado's Proposition 112 in November 6 Midterm Elections

HOUSTON (November 5, 2018)  S&P Global Platts Analytics, today announced the total U.S. rig count for October 2018 was 1,174, down 1 (0%) from September 2018, and up 126 (+12%) from October 2017. This rig count includes U.S. onshore, U.S. inland waters, and U.S. offshore Gulf of Mexico drilling rigs.

  • October U.S. land rig count: 1,144, down 2 (0%) from the previous month and up 124 (+12%) from October 2017
  • October U.S. inland waters and Gulf of Mexico rig count: , up 1 (+3%) from the previous month and up 2 (+7%) from October 2017

“While month-over-month rig count performance is basically flat, it's worth taking a look under the hood, where we see an increase in rigs for drilling conventional, shallow natural gas wells, evidence that smaller-scale natural gas producers were taking advantage of the visibly stronger natural gas prices,” said S&P Global Platts Analytics Senior Industry Analyst Trey Cowan

Natural gas prices, according to the spot, physical market price of Henry Hub, as assessed by S&P Global Platts, showed a rise of 8% during October.

“Colorado could hold the most volatility in the months ahead,” said Cowan. “If Proposition 112* is approved at the U.S. November 6 Midterm Elections, we could see a rush to get wells drilled before permits expire and then a precipitous fall in drilling for the state.” 

S&P Global Platts U.S. Rig Counts

      
       

 

 

 

Oct  2018

Sep 2018

Month over Month Change

% Change

 

Oct  2017

Variance Year over Year (YOY)

YOY % Variance

Colorado

35

37

-2

-5%

 

40

-5

-13%

Louisiana

53

49

4

8%

 

51

2

4%

New Mexico

89

98

-9

-9%

 

67

22

33%

North Dakota

60

60

0

0%

 

52

8

15%

Oklahoma

157

155

2

1%

 

134

23

17%

Texas

561

563

-2

0%

 

489

72

15%

Rest of U.S. Land

189

184

5

3%

 

187

2

1%

U.S. Land Subtotal

1,144

1,146

-2

0%

 

1,020

124

12%

U.S. Inland Waters

3

2

1

50%

 

6

-3

-50%

U.S. Gulf of Mexico

27

27

0

0%

 

22

5

23%

U.S. Inland and Gulf of Mexico

30

29

1

3%

 

28

2

7%

Total U.S. Rig Count

1,174

1,175

-1

0%

 

1,048

126

12%

*Colorado's Proposition 112 would require that any new oil and gas development be located at least 2500 feet from any structure intended for human occupancy.

S&P Global PlattscoloradoonshoreOffshoreUnited StatesUSARig CountGOMGulf Of Mexico

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