The US drilling rig count decreased by another 11 units during the week ended Dec. 28, with the total number of rotary rigs reaching 1,763, Baker Hughes Inc. reported. This compares with 2,007 rigs working in the comparable week last year.
Land-based drilling rigs fell by 11 units to 1,692, while offshore rigs remained unchanged at 51 this week. Rigs drilling in inland waters also were unchanged at 20 units. Of those rigs drilling offshore, 48 were in the Gulf of Mexico, the same amount as a week ago.
Rigs targeting natural gas gained 2 units, reaching 431. Rigs drilling for oil fell by 13 units to 1,327.
Ron, you should know by now that anything I post gets a thumbs down no matter what it is.
Even though production is not mentioned (and was not the intent of the post), the negativity of the responders here assumed it was so spun it around to their propaganda. I am used to it and since I know their methods it doesn't bother me. You also got thumbs down and you know exactly who they are. Since I get multiple down ratings (usually by a factor of two), I can assume that there are posters here with several aliases who don't post under those faux names, but just think it will make a difference - it's laughable and childish.
The critical thing as Sand pointed out is actual production is still growing.
A combination of nearly all drilling rigs moving to oil and truly remarkable improvements in efficiency.
Of course if some one was actually an investor rather than a political shadow puppet they would point out with 20% improvements in efficiency, year over year rig counts have no comparative relevance.
The real question is we all know new well economics in the Bakkens offer spectacular rates of return with around one year paybacks. Given the returns are so high and the training logistics to east and west refineries displace higher cost imported oil - Why are new drilling rigs not being ordered? Why are all the operators focusing on cost reduction before production increases?
Such clear long term value in American energy companies except for the completely delusional Progressive politics infesting 2/3 of our national government .
norris probably did it do it would look bad on his claims towards others. He is a rather stabb in the back sort of person.Thanks Ron fo [pointing this out. It was a informative post by sand.
Hum domestic oil is up in price yet drilling activity for oil is down. Even as drilling efficiency is dramatically increasing improving well return on investment.
RLP was dead wrong about drilling activity and industry capital budgets before the election.
Now the OLB trooper rejoicing the radical and cold hearted Jackson EPA resigned even though it was no problem before the election.
But nothing stops the OLB mental shadow puppet theater. It continues 24/7 on a natural gas board.
norris, I posted something at KOG that I then realized would also interest you because of your CLR...so I am posting some of it here.
Lets see how it looks with the ACTUAL N.D. state oil production numbers:
2010 Oct Oil 10,609,662 barrels = 342,247 barrels/day
2011 Oct Oil 15,130,043 barrels = 488,066 barrels/day
2012 Oct Oil 23,164,406 barrels = 747,239 barrels/day
Growth rate extrapolation percentage, & number of years till we see 2 million barrels per day, starting with 747,239 barrels/day.
I did not get an answer so I guess he really is not too good at math, but I thought the ND oil production numbers were eye-opening.
New N.D. Director's cut....
NDIC Department of Mineral Resources
Sep Oil 21,877,429 barrels = 729,248 barrels/day
Oct Oil 23,164,406 barrels = 747,239 barrels/day (preliminary)(NEW all-time high)
Sep Gas 23,874,169 MCF = 795,806 MCF/day
Oct Gas 24,677,309 MCF = 796,042 MCF/day (preliminary)(NEW all-time high)
Sep Producing Wells = 7,899
Oct Producing Wells = 8,025 (preliminary)(NEW all-time high)
Sep Permitting: 273 drilling and 0 seismic
Oct Permitting: 370 drilling and 0 seismic
Nov Permitting: 211 drilling and 0 seismic (all time high was 370 in Oct 2012)
Compare that new report's data above to this one:
NDIC Department of Mineral Resources
Sep Oil 13,916,609 barrels = 463,887 barrels/day
Oct Oil 15,130,043 barrels = 488,066 barrels/day (preliminary) (all time high)
Sep Gas 14,468,539 MCF = 482,285 MCF/day
Oct Gas 15,725,011 MCF = 506,242 MCF/day (preliminary) (all time high)
Sep Producing Wells = 6,071
Oct Producing Wells = 6,202 (all time high)
Sep Permitting: 176 drilling and 1 seismic
Oct Permitting: 169 drilling and 0 seismic (all time high 245 Nov 2010)
what has changed in ONE year in North Dakota and can you see a trend?