Us Drilling Activity

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  1. Wicklund: US drilling activity to increase in 2004

    By OGJ editors HOUSTON, Dec. 2 -- US drilling activity is expected to increase in 2004 because rig efficiency is improving, said James K. Wicklund, an analyst with Banc of America Securities LLC. He made that forecast in a Nov. 26 research note, saying US drilling activity is expected to increase even if exploration and production companies do not materially increase their spending next year. Based upon preliminary projections for the firm's E&P coverage universe, Banc of America E&P analysts believe that exploration and development spending will be roughly flat in 2004 compared with 2003, Wicklund noted. "However, this does not concern us as 2003 E&D budgets for the same companies currently reflect a 14% increase in spending this year vs. only a 2% increase expected for 2003 at this time last year," Wicklund said. "But even if spending from E&P companies were not to increase materially next year, domestic drilling activity should still increase as efficiency per rig improves," he said. Meanwhile, the Baker Hughes Inc. Canadian rotary rig count shows a record year this year, Wicklund noted. "Year to date, the Canadian rig count is up 56.7%, or 157 rigs," he noted. Separately, the Calgary-based Petro-Canada announced it has approved a capital and exploration expenditure program of $2.6 billion for 2004 compared with an estimated 2003 program of $2.5 billion, based upon figures available on Nov. 28.

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    Tue, 2 Dec 2003

  2. DRILLING MARKET FOCUS US drilling activity continues climb from biggest first quarter jump in 15 years

    First-quarter gains in US drilling activity are poised to expand further in the second quarter and beyond.

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    Fri, 4 Apr 2003

  3. US drilling activity continues to grow

    US drilling activity continued to grow with 1,407 rotary rigs working this week, an increase of 11 units from the previous week and up from 1,126 in operation in the same period a year ago, Baker Hughes Inc. reported.

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    Fri, 12 Mar 2010

  4. US drilling activity falls from 23-year high

    US drilling activity dropped from a 23-year high, down by 18 rotary rigs this week with 2,013 still working, said Baker Hughes Inc.

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    Sat, 6 Sep 2008

  1. US drilling activity takes 14-rig hit

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    Fri, 17 Dec 2010

  2. US drilling activity continues to drop

    US drilling activity declined for the third straight week, down 27 units to 1,782 rotary rigs working vs. 1,710 during the same period in 2006, Baker Hughes Inc. reported.

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    Sun, 30 Dec 2007

  3. US drilling activity rebounds

    US drilling activity rebounded by 11 rotary rigs to 1,189 working this week, making up most of the 15-rig loss from the previous week but well down from the 1,623 working in the comparable period in 2008, Baker Hughes Inc. reported a day ahead of the New Year holiday.

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    Thu, 31 Dec 2009

  4. US drilling activity takes another tumble

    US drilling activity continued to decline with more producers laying down rigs in an uncertain economy, according to the latest count by Baker Hughes Inc.

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    Fri, 9 Jan 2009

  5. US drilling activity approaches 5-year low

    US drilling activity continued to plummet, approaching a 5-year low with 1,170 rotary rigs working this week, down 73 units from the previous week, said Baker Hughes Inc.

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    Fri, 6 Mar 2009

  6. US drilling activity dips slightly

    US drilling activity slipped slightly this week, down 4 units with 1,797 rotary rigs still working, compared with 1,696 active rigs in the same period last year, said Baker Hughes Inc.

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    Fri, 16 Nov 2007

  7. US drilling activity falls

    US drilling activity fell by 51 rotary rigs to 1,941 working, up from 1,797 during the same period last year, said Baker Hughes Inc.

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    Sun, 16 Nov 2008

  8. US drilling activity still in decline

    US drilling activity continued to drop this week with 876 rotary rigs working, 11 fewer than the previous week and down from 1,901 during the same period in 2008.

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    Fri, 12 Jun 2009

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