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Message
U.S. rig count drops by 5 after three straight flat weeks, Baker Hughes says
Posted on 1/11/25 at 8:16 am
Posted on 1/11/25 at 8:16 am
quote:
The number of active rigs drilling for oil and gas in the U.S. fell by 5 to 584, Baker Hughes said Friday in its latest weekly report, after the rig count remained steady for three straight weeks.
Drilling rigs targeting crude oil in the U.S. fell by 2 to 480, while rigs directed at natural gas dropped 3 to 100 and 4 rigs were classified as miscellaneous.
The number of rigs drilling for oil in the U.S. was down by 19 from a year ago, and rigs directed at natural gas fell by 17 compared with a year ago.
Rigs targeting oil in the Permian Basin stayed flat at 301, the Eagle Ford also remained unchanged at 38, and the Williston Basin held steady at 36.
LINK
Dammit, Trump!
7
Posted on 1/11/25 at 8:24 am to ragincajun03
Everyone was cautious of increasing rig counts at the current price already. Now that the supply is expected to explode under Trump that doesn’t bode well for the industry.
Until demand improves (especially in China) I don’t see how the big oil companies can be incentivized to voluntary skyrocket supply.
Until demand improves (especially in China) I don’t see how the big oil companies can be incentivized to voluntary skyrocket supply.
This post was edited on 1/11/25 at 8:26 am
Posted on 1/11/25 at 8:28 am to ragincajun03
No wonder it’s been so cold. The earth is healing
Posted on 1/11/25 at 10:40 am to el Gaucho
Is that what it is? Stupid me, I thought it was just winter.
Posted on 1/11/25 at 10:44 am to GeauxHouston
History has shown, the best thing for high oil prices is a Democrat in office.
Oilfield baws hate to admit it, but if you were in anything besides drilling, you flourished in the 8 years of Obama because oil held above $60 for most of that time.
Oilfield baws hate to admit it, but if you were in anything besides drilling, you flourished in the 8 years of Obama because oil held above $60 for most of that time.
Posted on 1/11/25 at 10:55 am to Pauvetibete
quote:
History has shown, the best thing for high oil prices is a Democrat in office.
This biggest threat to O&G is nuclear.
The climate change nuts are actually beneficial to O&G because alternative forms of energy they promote like wind and solar are no threat.
Big Oil hedges itself by owning upstream and downstream operations. When upstream is doing poorly, that usually means good margins downstream at refineries and C-stores and vice versa.
Big Oil doesn’t like midstream. Profits are typically 12-20%. But because midstream is in the middle, it’s the most consistent part of the O&G business.
This post was edited on 1/11/25 at 10:56 am
Posted on 1/11/25 at 11:07 am to ragincajun03
Flat is good! I’m tired of the booms and busts. Unless you are CEO or high up on private side, there isn’t much of a compensation increase at the average employee level during a “boom”.
Sure the bonus might be a little higher in a boom, but not enough to offset the lower morale during huge layoffs in bust cycles.
Sure the bonus might be a little higher in a boom, but not enough to offset the lower morale during huge layoffs in bust cycles.
Posted on 1/11/25 at 11:11 am to GeauxHouston
Supply will not explode under Trump. He will remove some red tape, possibly, but we have already reached peak US shale production, and the numbers are starting to turn over.
Posted on 1/11/25 at 11:12 am to GeauxHouston
quote:
supply is expected to explode under Trump that doesn’t bode well for the industry.
Trump was a complete disaster for the U.S. Oil and Gas industry all four years of his last term. That cheap foreign oil everyone enjoyed bankrupted the U.S. companies. He barely tried to help them as he cared more about his Saudi friends.
Posted on 1/11/25 at 11:18 am to Motownsix
quote:
He barely tried to help them as he cared more about his Saudi friends.
Because the majority of Americans enjoyed cheap energy. Saudi’s arm had to be twisted to increase supply.
Posted on 1/11/25 at 11:34 am to Motownsix
quote:
Trump was a complete disaster for the U.S. Oil and Gas industry all four years of his last term.
Crude took a massive dump in late 2014 and was in the 40s and 50s most of 2015 and 2016.
50s and 60s 2017 until covid.
Posted on 1/11/25 at 11:40 am to Motownsix
wrong again
Posted on 1/11/25 at 11:43 am to tigersmanager
Upstream companies were already planning for layoffs in 2019 due to lower activity levels. Trump did nothing for US O&G despite what people perceive.
Posted on 1/11/25 at 11:45 am to ragincajun03
Interesting that the statistics are all about drilling rigs…IMO, the only thing that matters is production rig count…
Posted on 1/11/25 at 11:58 am to ragincajun03
Total rig count is probably not the best indicator nowadays. Multipad drilling, better efficiency, etc. it does tell a story but probably not the full story
Posted on 1/11/25 at 12:01 pm to Pauvetibete
quote:
Oilfield baws hate to admit it, but if you were in anything besides drilling, you flourished in the 8 years of Obama because oil held above $60 for most of that time.
Yeah getting laid off in 2015 was fantastic. Idiot.
Posted on 1/11/25 at 12:05 pm to redstick13
quote:
Trump did nothing for US O&G despite what people perceive.
Midstream did fine as they almost always do. Downstream did excellent as crude was super cheap for refineries.
It’s just the nature of the entire O&G sector. When upstream is doing great margins are tight downstream. When margins are good downstream that usually means a downturn in drilling. Midstream remains pretty consistent because the business is based on throughput and not price. The throughput is based on demand for O&G energy products and that only tends to increase.
Posted on 1/16/25 at 7:35 am to tigersmanager
quote:
wrong again
Wrong about what? Anyone who had any money invested in US oil and gas companies last decade knows exactly what happened.
Posted on 1/16/25 at 7:37 am to dragginass
quote:
we have already reached peak US shale production
People say this then they always find more
Posted on 1/16/25 at 7:55 am to ragincajun03
Great, now Baker will go from Net 90 to Net 360 on payments 
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