The longest streak of increasing drilling activity since at least 1986 has finally been broken, according Baker Hughes Weekly Rig Count.
The total number of rigs active in the US dropped by one last week, marking the end of a continuous 23-week increase.
There are currently 940 rigs active in the US. Land-based rigs and inland water rigs were unchanged last week, with 915 and four rigs active, respectively. Offshore rigs dropped by one to end the week at 21.
The number of oil-targeting rigs in the US dropped by two last week, while gas-targeting rigs increased by one. One directional rig shut down, while horizontal and vertical rigs each showed no net change in activity.
Texas added one active rig, while Colorado and Alaska each had one shut down. Rig counts in all other US states were flat.
Among the major basins tracked by Baker, the Permian, Arkoma Woodford and Haynesville each added one rig, while the Cana Woodford and DJ-Niobrara each lost one.
Rigs continue to recover in Canada, where 19 came online. Fourteen of these rigs are oil-targeting, while five target gas. In total, 112 oil-targeting and 77 gas-targeting rigs are active in Canada.
This proportion is significantly different from the oil-gas split in the US. In Canada, 60 percent of all rigs target oil-bearing formations, while 40 percent of rigs target gas. In the US, by contrast, 80 percent of rigs target oil and only 20 percent target gas.
