February 2018 Total U.S. Rig Count Reveals Lack of Offshore Progression -- S&P Global Platts

HOUSTON, March 5, 2018 /PRNewswire/ -- S&P Global Platts Analytics, today announced the total U.S. rig count for February 2018 was 1,077, up 7 (+1%) from January 2018, and up 243 (+29%) from February 2017. This rig count includes U.S. onshore, U.S. inland waters, and U.S. offshore Gulf of Mexico drilling rigs.

  • February U.S. land rig count: 1,036, up 9 (+1%) from the previous month and up 245 (+31%) from February 2017
  • February U.S. inland waters and Gulf of Mexico rig count: 41, down 2 (-5%) from the previous month and down 2 (-5%) from February 2017

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"Trends for inland water and offshore drilling continue to prove lackluster support for developing these resources," said S&P Global Platts senior industry analyst Trey Cowan. "The current count of 41 is only four rigs above the lowest monthly point recorded in the past two calendar years. The present lack of investment in the Gulf of Mexico no doubt raises eyebrows at the U.S. Department of Interior and does not bode well for the lease auction set for March 21, 2018. However, producers may be able to find some bargains when Lease Sale 250 commences for blocks situated in the Outer Continental Shelf."

S&P Global Platts U.S. Rig Counts
















Feb 2018

Jan 2017

Month over Month Change

% Change


Feb 2017

Variance Year over Year (YOY)

YOY % Variance

Colorado

32

34

-2

-6%


31

1

3%

Louisiana

47

52

-5

-10%


39

8

21%

New Mexico

90

83

7

8%


46

44

96%

North Dakota

51

50

1

2%


36

15

42%

Oklahoma

133

128

5

4%


114

19

17%

Texas

511

508

3

1%


398

113

28%

Rest of U.S. Land

172

172

0

0%


127

45

35%

U.S. Land Subtotal

1036

1027

9

1%


791

245

31%

U.S. Inland Waters

6

5

1

20%


9

-3

-33%

U.S. Gulf of Mexico

35

38

-3

-8%


34

1

3%

U.S. Inland and Gulf of Mexico

41

43

-2

-5%


43

-2

-5%

Total U.S. Rig Count

1,077

1,070

7

1%


834

243

29%

CONTACT
Kathleen Tanzy, + 1 917 331 4607, kathleen.tanzy@spglobal.com 

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SOURCE S&P Global Platts

For further information: Kathleen Tanzy, + 1 917 331 4607, kathleen.tanzy@spglobal.com; Gregory Tsichlis, + 817 616 2081, greg.tsichlis@spglobal.com; or EMEA: Arnaud Humblot +44 207 176 6685, arnaud.humblot@spglobal.com and Alex Brog +44 207 176 7645, alex.brog@spglobal.com; or Singapore: Platts (platts@ryancommunication.com)