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The chart below shows the resilience of US gas production (EIA 914 data series) despite the significant decline in the US gas rig count from the September 2008 high of 1,606 gas rigs. The December 2009 914 data for the lower 48 states was down only 0.03% compared to production in December 2008.   Thanks [...]

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In our last entry we took a look at the recovery in the rig count from mid-2009 lows, noting that recovery has been isolated to a few key basins.
In this update, we see the rig count continuing to expand, but still limited to specific areas of focus.

As seen above, the gas rig count for the [...]

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The U.S. rig count bottomed the week of June 12th at 876 rigs, of which 685 or 78% were gas-directed, 183 or 21% were oil-directed and 8 rigs or 1% were geothermal. Fast forward to the week ending December 11th and we see 1,161 rigs running, 757 or 65% of which are gas-directed, 393 or [...]

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In last week’s blog we took a closer look at rig count “recovery” since the U.S. rig count bottomed 17 weeks ago.  As we saw, the increase in rig count has been limited to a few key basins.
Last week we also received a key data point from the Energy Information Administration [...]

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This chart shows the rig count by basin for 2006 through the first week of October for the US.  The five basins responsible for the growth in the rig count from mid-June through the first week of October are highlighted.  Note that in the 16 weeks since the rig count bottomed the growth has been predominately in [...]

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The numbers are familiar to those who follow the US rig count. The peak of 2031 rigs occurred on August 29 and again on September 12, 2008. Thirty-nine weeks later we were at 876 rigs – down 1155 or 57% from peak.
And Then the Sun Began to Shine …
Over the last 16 weeks the rig count has [...]

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