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Linn Energy, LLC (LINE) Message Board

  • rlp2451 rlp2451 Oct 15, 2012 8:39 AM Flag

    Drilling Rigs Fall to New Lows

    Baker Hughes data on Friday showed that the gas-directed rig count slid by 15 this week to 422, a new 13-year low.

    Drilling for natural gas has been in a near-steady decline for the last year, with the gas-directed rig count down 55 percent since peaking last October at 936.

    The rig declines this year have fed expectations that dry gas output would finally slow, but so far, production has shown few, if any, signs of tapering.

    The associated gas produced from more profitable shale oil and shale gas liquids wells has kept gas flowing at or near a record pace.

    In its October short-term energy outlook on Wednesday, the U.S. Energy Information Administration said it expected marketed natural gas production in 2012 to be up about 4 percent from 2011's record levels, with a smaller 0.5 percent gain predicted in 2013.

    Total oil & gas rig count variations, by state (includes -5 offshore). US rig count went down by 2, while Canada lost 11:

    Alabama, -1
    Arkansas, -1
    California, -3
    Colorado, -1
    Kansas, +1
    Louisiana, -4
    Mississippi, +1
    Montana, +1
    N. Dakota, -1
    New Mexico, +1
    Ohio, +1
    Oklahoma, +1
    Pennsylvania, +1
    Texas, +4
    Wyoming, -1

11.79+0.12(+1.03%)Mar 4 3:59 PMEST

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