• Sign up for the Daily Digest E-mail
  • Facebook
  • X
  • LinkedIn

BOE Report

Sign up
  • Home
  • StackDX Intel
  • Headlines
    • Latest Headlines
    • Featured Companies
    • Columns
    • Discussions
  • Well Activity
    • Well Licences
    • Well Activity Map
  • Property Listings
  • Land Sales
  • M&A Activity
    • M&A Database
    • AER Transfers
  • Markets
  • Rig Counts/Data
    • CAOEC Rig Count
    • Baker Hughes Rig Count
    • USA Rig Count
    • Data
      • Canada Oil Market Data
      • Canada NG Market Data
      • USA Market Data
      • Data Downloads
  • Jobs

U.S. drillers add oil rigs for fifth straight month

November 30, 201811:25 AM Reuters0 Comments

U.S. energy firms this week added oil rigs for a third week in four and increased the rig count for the fifth month in a row, even though oil prices this week fell to their lowest since October 2017.

Drillers added two oil rigs in the week to Nov. 30, bringing the total count to 887, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday.

For the month, the rig count was up 12 in November, matching last month and its fifth monthly increase in a row.

The U.S. rig count, an early indicator of future output, is higher than a year ago when 749 rigs were active because energy companies have spent more this year to ramp up production to capture prices that are higher in 2018 than 2017.

U.S. crude futures were trading around $51 a barrel on Friday after falling below $50 earlier this week to their lowest since October 2017 on swelling inventories.

Looking ahead, crude futures for calendar 2019 and 2020 were trading around $52 a barrel.

U.S. crude oil output hit a new all-time high of 11.5 million barrels per day in September, the fourth consecutive month of record highs, according to the government on Friday, as production in Texas and North Dakota climbed to fresh peaks.

U.S. financial services firm Cowen & Co this week said the exploration and production (E&P) companies it tracks have provided guidance indicating a 23 percent increase this year in planned capital spending.

Cowen said the E&Ps it tracks expect to spend a total of $89.1 billion in 2018. That compares with projected spending of $72.2 billion in 2017. Cowen said early 2019 capital spending budgets were mixed.

Analysts at Simmons & Co, energy specialists at U.S. investment bank Piper Jaffray, this week forecast the average combined oil and natural gas rig count would rise from 876 in 2017 to 1,031 in 2018, 1,092 in 2019 and 1,227 in 2020.

Year-to-date, the total number of oil and gas rigs active in the United States has averaged 1,028. That keeps the total count for 2018 on track to be the highest since 2014, which averaged 1,862 rigs. Most rigs produce both oil and gas.

(Reporting by Scott DiSavino Editing by Marguerita Choy)

Follow BOE Report
  • Facebook
  • X
  • LinkedIn

Sign up for the BOE Report Daily Digest E-mail

Successfully subscribed

Latest Headlines
  • Discount on Western Canada Select widest since March
  • Blackstone to Invest More Than $25 Billion in Pennsylvania’s Digital and Energy Infrastructure, Plus Catalyze an Additional $60 Billion Investment
  • Venture Global proposes larger expansion at Plaquemines LNG facility, filing shows
  • Ex-Pioneer CEO cannot challenge order barring him from Exxon board, FTC says
  • SLB’s ChampionX deal clears final hurdle with UK approval

Return to Home
Alberta GasMonthly Avg.
CAD/GJ
Market Data by TradingView

    Report Error







    Note: The page you are currently on will be sent with your report. If this report is about a different page, please specify.

    About
    • About BOEReport.com
    • In the News
    • Terms of Use
    • Privacy Policy
    • Editorial Policy
    Resources
    • Widgets
    • Notifications
    • Daily Digest E-mail
    Get In Touch
    • Advertise
    • Post a Job
    • Contact
    • Report Error
    BOE Network
    © 2025 Stack Technologies Ltd.