Statistics don’t lie?

Western Rig Counts Show Drop

American Association of Petroleum Geologists (AAPG)

There’s a classic “Peanuts” comics episode in which Charlie Brown, after enduring Lucy’s explanation of the numbers behind her club’s won-loss record, says, “Tell your statistics to shut up.”

So while current U.S. rig count numbers don’t lie, they may not tell the whole story, either.

“The rig count decline is not only a function of lower commodity prices but also a good indicator of how to balance to the market,” said Roger Read, senior energy analyst at Natixis Bleichroeder. “The decline is part of bringing supply and demand back into balance.”

And according to Baker Hughes Investment Relations, decline it has been.

The company’s data, traditionally a marker of industry health and vitality, showed a global decline in rig counts, from 7 percent from January to February; the decline from February 2008 to February 2009 was almost 20 percent.

Internationally, the rig count in February was down by 664 over the previous year.

In the United States alone, the drop was 15 percent from January and 25 percent from February 2008. Additionally, there are 520 fewer rigs being operated in the United States this year compared to last. The total stands now at 1,243.

Since 1940 the highest weekly U.S. rig count was 4,530 (December 1981); the lowest count was 488 just two years earlier.

Looking specifically at the western United States, here’s how the February 2009 rig counts compare to those of one year earlier:

  • Colorado &ndash down 48.
  • Montana – no change.
  • New Mexico – down 29.
  • Wyoming – down 23.
  • Utah – down 1.

In the largest oil and gas producing states, the numbers for the same period are:

  • Texas – down 321.
  • Alaska – down 11.
  • Oklahoma – down 80.
  • Louisiana – no change.

Comments (0)

 

What Can I Do?

Add Item

Enter Notes:
 
* You must be logged in to name and customize your collection.
Recommend Recommend
Printable Version Printable Version Email to a friend Email to a friend

Emphasis: Offshore Developments

Explorer Emphasis Article Bonanza to Little House on the Prairie Low Prices Hit State Coffers Low Prices Hit State Coffers Desktop /Portals/0/PackFlashItemImages/WebReady/EXPLORER-cover-2009-04april-thumb.jpg?width=100&h=100&mode=crop&anchor=middlecenter&quality=75amp;encoder=freeimage&progressive=true 502
Explorer Emphasis Article Cable-free 3-D VSP, OVT New Seismic Technologies on Trial New Seismic Technologies on Trial Desktop /Portals/0/PackFlashItemImages/WebReady/wamsutter-1-full.jpg?width=100&h=100&mode=crop&anchor=middlecenter&quality=75amp;encoder=freeimage&progressive=true 500
Explorer Emphasis Article A good look inside a crater Red Wing Data Has Big Impact Red Wing Data Has Big Impact Desktop /Portals/0/PackFlashItemImages/WebReady/red-wing-data-graphic.jpg?width=100&h=100&mode=crop&anchor=middlecenter&quality=75amp;encoder=freeimage&progressive=true 501
Explorer Emphasis Article Figuring Utah complexity pays big dividends Understanding Model a Challenge Understanding Model a Challenge Desktop /Portals/0/PackFlashItemImages/WebReady/utah1.jpg?width=100&h=100&mode=crop&anchor=middlecenter&quality=75amp;encoder=freeimage&progressive=true 497
Explorer Emphasis Article Needed: Pipelines, policies West’s Gas Plays Feel Price Squeeze West’s Gas Plays Feel Price Squeeze Desktop /Portals/0/PackFlashItemImages/WebReady/stark-pete.jpg?width=100&h=100&mode=crop&anchor=middlecenter&quality=75amp;encoder=freeimage&progressive=true 498

See Also: Industry Meeting Program Paper

Industry Meeting Program Paper Structural Trap Formation and Petroleum Accumulation in the Northern Part of Central Myanmar Basin: Kyaukkwet/Letpanto Field Structural Trap Formation and Petroleum Accumulation in the Northern Part of Central Myanmar Basin: Kyaukkwet/Letpanto Field Desktop /Portals/0/PackFlashItemImages/WebReady/AAPG-EAGE-MGS-Myanmar-Geosciences-Conference-Hero-v2.jpg?width=100&h=100&mode=crop&anchor=middlecenter&quality=75amp;encoder=freeimage&progressive=true 34555
Industry Meeting Program Paper Myanmar Deepwater Exploration – a Journey of Discovery Myanmar Deepwater Exploration – a Journey of Discovery Desktop /Portals/0/PackFlashItemImages/WebReady/AAPG-EAGE-MGS-Myanmar-Geosciences-Conference-Hero-v2.jpg?width=100&h=100&mode=crop&anchor=middlecenter&quality=75amp;encoder=freeimage&progressive=true 34493

See Also: Africa Blog

Africa Blog 2015 APPEX - Pushing Exploration Boundaries in the Heartland Niger Delta 2015 APPEX - Pushing Exploration Boundaries in the Heartland Niger Delta Desktop /Portals/0/PackFlashItemImages/WebReady/appex-2015-regional-955x400-hero-onichabor-fidel.jpg?width=100&h=100&mode=crop&anchor=middlecenter&quality=75amp;encoder=freeimage&progressive=true 23374

See Also: Explorer Article

Explorer Article Oil Industry Financing Low Oil Prices Bring Tighter Credit Low Oil Prices Bring Tighter Credit Desktop /Portals/0/PackFlashItemImages/WebReady/explorer-hero-2016-04april.jpg?width=100&h=100&mode=crop&anchor=middlecenter&quality=75amp;encoder=freeimage&progressive=true 28444

See Also: Explorer Historical Highlight

Explorer Historical Highlights Todd Went Where the Oil Was Todd Went Where the Oil Was Desktop /Portals/0/PackFlashItemImages/WebReady/todd-went-where-the-oil-was-2011-07jul-hero.jpg?width=100&h=100&mode=crop&anchor=middlecenter&quality=75amp;encoder=freeimage&progressive=true 2250