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HOUSTON, Jan. 4, 2019 /PRNewswire/ -- The total U.S. rig count for December 2018 was 1,147, down 36 (-3%) from November 2018, and up 117 (+11%) from December 2017, according to analysts at S&P Global Platts, the leading independent provider of information and benchmark prices for commodities and energy markets. This rig count includes U.S. onshore, U.S. inland waters, and U.S. offshore Gulf of Mexico drilling rigs.
- December U.S. land rig count: 1,116, down 35 (-3%) from the previous month and up 127 (+13%) from December 2017
- December U.S. inland waters and Gulf of Mexico rig count: 31, down 1 (-3%) from the previous month and down 10 (-24%) vs December 2017
"Rig down time during the holiday and winter season is typical and expected. We saw a similar slowdown heading into last winter, as well," said S&P Global Platts Senior Industry Analyst Trey Cowan. "What is interesting is with this new calendar year and fresh capital budgets for producers, we are hearing borrowing bases are about 25% less than the levels at the beginning of 2018. So with less borrowing combined with today's depressed commodity prices these are indicators that could weaken the outlook in the upstream rig counts and drilling activity for early 2019."
S&P Global Platts U.S. Rig Counts | ||||||||
Dec | Nov | Month | % | Dec | Variance | YOY % | ||
Colorado | 38 | 36 | 2 | 6% | 38 | 0 | 0% | |
Louisiana | 43 | 44 | -1 | -2% | 51 | -8 | -16% | |
New Mexico | 97 | 95 | 2 | 2% | 74 | 23 | 31% | |
North Dakota | 61 | 58 | 3 | 5% | 48 | 13 | 27% | |
Oklahoma | 151 | 155 | -4 | -3% | 125 | 26 | 21% | |
Texas | 537 | 557 | -20 | -4% | 489 | 48 | 10% | |
Rest of U.S. Land | 189 | 206 | -17 | -8% | 164 | 25 | 15% | |
U.S. Land Subtotal | 1,116 | 1,151 | -35 | -3% | 989 | 127 | 13% | |
U.S. Inland Waters | 3 | 4 | -1 | -25% | 6 | -3 | -50% | |
U.S. Gulf of Mexico | 28 | 28 | 0 | 0% | 35 | -7 | -20% | |
U.S. Inland and Gulf of Mexico | 31 | 32 | -1 | -3% | 41 | -10 | -24% | |
Total U.S. Rig Count | 1,147 | 1,183 | -36 | -3% | 1,030 | 117 | 11% | |
CONTACT
Kathleen Tanzy, + 1 917 331 4607, kathleen.tanzy@spglobal.com
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SOURCE S&P Global Platts
